Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
Page of 4803
Press 'Enter' after typing page number.
621 to 640 of 96047 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Liability to pay customs duty when confiscated goods are redeemed after payment of fine u/s 125 of the Customs Act, 1962 includes liability to pay interest on delayed payment u/s 28AB. The customs duty obligation arises only after exercising the option to redeem confiscated goods u/s 125. Once exercised, acceptance is subject to conditions specified, primarily payment of fine in lieu of confiscation. This duty obligation is inextricably connected to the redemption option and is a precondition. The duty obligation does not occasion u/ss 12 or 28 but arises due to the option exercised u/s 125. Section 28 applies for assessing and determining the duty payable u/s 125(2). Once Section 28 applies, interest on delayed payment arises u/s 28AB, obligating payment of interest in addition to duty. The Jagdish Cancer case is not an authority against applying Section 28 for duty calculation when liability arises u/s 125.
Liability to pay customs duty when confiscated goods are redeemed after payment of fine u/s 125 of the Customs Act, 1962 includes liability to pay interest on delayed payment u/s 28AB. The customs duty obligation arises only after exercising the option to redeem confiscated goods u/s 125. Once exercised, acceptance is subject to conditions specified, primarily payment of fine in lieu of confiscation. This duty obligation is inextricably connected to the redemption option and is a precondition. The duty obligation does not occasion u/ss 12 or 28 but arises due to the option exercised u/s 125. Section 28 applies for assessing and determining the duty payable u/s 125(2). Once Section 28 applies, interest on delayed payment arises u/s 28AB, obligating payment of interest in addition to duty. The Jagdish Cancer case is not an authority against applying Section 28 for duty calculation when liability arises u/s 125.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
