https://www.taxtmi.com/caselaws?id=45016 The DEPB verification process was constrained by the departmental circulars, which treated the declared FOB or present market value as accepted if no show-cause notice was issued within 30 days of export. Once the exporter produced shipping bills, bank certificates and related records evidencing export, realisation and licence issuance, Customs could not rely on an open-ended power to reopen the declared value or keep the licences under further enquiry. The circulars were binding on field officers, so the deeming acceptance of value had to be given effect. The practical result was that the DEPB licences were required to be verified and the credit made available without further delay. en-us Mon, 20 Jul 1998 00:00:00 +0530 Wed, 07 Jul 2010 17:17:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45016 The DEPB verification process was constrained by the departmental circulars, which treated the declared FOB or present market value as accepted if no show-cause notice was issued within 30 days of export. Once the exporter produced shipping bills, bank certificates and related records evidencing export, realisation and licence issuance, Customs could not rely on an open-ended power to reopen the declared value or keep the licences under further enquiry. The circulars were binding on field officers, so the deeming acceptance of value had to be given effect. The practical result was that the DEPB licences were required to be verified and the credit made available without further delay. Case-Laws Customs Mon, 20 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45016