Customs exemption for specified imports caps ad valorem duty and requires an undertaking plus a two-year non-disposal condition. The Central Government exempts goods listed in the annexed table from that portion of customs duty exceeding an effective capped ad valorem rate when imported for the specified industrial purposes, provided the importer furnishes an undertaking that the goods will be used for those purposes and not sold or otherwise disposed of for at least two years, with liability to pay the differential duty on breach.
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Provisions expressly mentioned in the judgment/order text.
Customs exemption for specified imports caps ad valorem duty and requires an undertaking plus a two-year non-disposal condition.
The Central Government exempts goods listed in the annexed table from that portion of customs duty exceeding an effective capped ad valorem rate when imported for the specified industrial purposes, provided the importer furnishes an undertaking that the goods will be used for those purposes and not sold or otherwise disposed of for at least two years, with liability to pay the differential duty on breach.
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