https://www.taxtmi.com/caselaws?id=84073 The Tribunal dismissed the appeal, confirming duty liability on missing goods from a customs bonded warehouse, but adjusted the calculation to the depreciated value at the time of loss reporting, in accordance with the duty rate at import. Interest payable was reduced accordingly. The Tribunal upheld lower authorities' findings that the appellant could not relinquish title to the missing goods, emphasizing that Section 23 of the Customs Act applies to warehoused goods and not pilfered goods, rejecting arguments of employee pilferage and natural loss. en-us Mon, 09 Jan 1995 00:00:00 +0530 Tue, 19 Jul 2011 16:21:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84073 The Tribunal dismissed the appeal, confirming duty liability on missing goods from a customs bonded warehouse, but adjusted the calculation to the depreciated value at the time of loss reporting, in accordance with the duty rate at import. Interest payable was reduced accordingly. The Tribunal upheld lower authorities' findings that the appellant could not relinquish title to the missing goods, emphasizing that Section 23 of the Customs Act applies to warehoused goods and not pilfered goods, rejecting arguments of employee pilferage and natural loss. Case-Laws Customs Mon, 09 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84073