Interest exemption for imported crude stored in underground rock caverns removes interest chargeability under the specified Customs provision. The Central Board of Excise and Customs specifies that the class of goods described as 'crude' when imported and stored in underground rock caverns shall not attract interest under the second proviso to clause (ii) of sub-section (2) of section 61 of the Customs Act, 1962, thereby administratively exempting such imported crude in that storage configuration from interest chargeability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest exemption for imported crude stored in underground rock caverns removes interest chargeability under the specified Customs provision.
The Central Board of Excise and Customs specifies that the class of goods described as 'crude' when imported and stored in underground rock caverns shall not attract interest under the second proviso to clause (ii) of sub-section (2) of section 61 of the Customs Act, 1962, thereby administratively exempting such imported crude in that storage configuration from interest chargeability.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
