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Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
SC held that the encashment of bank guarantees does not constitute payment of customs duty under Section 27 of the Customs Act. The respondents arbitrarily encashed bank guarantees without legal authorization, which constitutes unjust retention of funds. The Court directed immediate refund of the encashed amounts with 6% interest from the date of encashment, to be repaid within four months. The impugned High Court judgment was set aside, and the appeals were allowed without cost, affirming that the respondents had no legal right to retain the appellant's funds.
SC held that the encashment of bank guarantees does not constitute payment of customs duty under Section 27 of the Customs Act. The respondents arbitrarily encashed bank guarantees without legal authorization, which constitutes unjust retention of funds. The Court directed immediate refund of the encashed amounts with 6% interest from the date of encashment, to be repaid within four months. The impugned High Court judgment was set aside, and the appeals were allowed without cost, affirming that the respondents had no legal right to retain the appellant's funds.
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