https://www.taxtmi.com/caselaws?id=33667 Debit in DEPB scrips constitutes discharge of customs duty by a permissible credit mode, not a true exemption, so warehoused goods cleared beyond the permitted period remain subject to interest under section 61(2) of the Customs Act, 1962. The Madras HC distinguished the DEPB scheme from the DEEC scheme, noting that under DEPB the importer satisfies the duty liability through debit in the scrip rather than cash, and the duty so adjusted is treated as paid for the relevant purpose. On that basis, the Court upheld levy of interest on delayed clearance of warehoused goods and rejected the assessee's challenge. en-us Mon, 20 Apr 2009 00:00:00 +0530 Wed, 09 Sep 2009 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33667 Debit in DEPB scrips constitutes discharge of customs duty by a permissible credit mode, not a true exemption, so warehoused goods cleared beyond the permitted period remain subject to interest under section 61(2) of the Customs Act, 1962. The Madras HC distinguished the DEPB scheme from the DEEC scheme, noting that under DEPB the importer satisfies the duty liability through debit in the scrip rather than cash, and the duty so adjusted is treated as paid for the relevant purpose. On that basis, the Court upheld levy of interest on delayed clearance of warehoused goods and rejected the assessee's challenge. Case-Laws Customs Mon, 20 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33667