https://www.taxtmi.com/caselaws?id=218428 On expiry of a warehousing licence and letter of permission, imported capital goods are treated as deemed removed from the warehouse, so duty and customs valuation are computed with reference to that date; depreciation may be allowed where the goods have been put to use. Interest can continue to apply on duty relating to warehoused goods and duty foregone under a bonded arrangement despite deemed removal. Failure to fulfil the export obligation under concessional import conditions can render the goods liable to confiscation, with redemption fine and penalty also attracted under the customs provisions. The text also notes that duty and related liabilities were remanded for fresh recomputation after hearing the importer. en-us Wed, 28 Mar 2012 00:00:00 +0530 Thu, 15 Nov 2012 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218428 On expiry of a warehousing licence and letter of permission, imported capital goods are treated as deemed removed from the warehouse, so duty and customs valuation are computed with reference to that date; depreciation may be allowed where the goods have been put to use. Interest can continue to apply on duty relating to warehoused goods and duty foregone under a bonded arrangement despite deemed removal. Failure to fulfil the export obligation under concessional import conditions can render the goods liable to confiscation, with redemption fine and penalty also attracted under the customs provisions. The text also notes that duty and related liabilities were remanded for fresh recomputation after hearing the importer. Case-Laws Customs Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218428