AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Warehousing – Grant of extension of warehousing period by the Chief Commissioners under section 61 of the Customs Act, 1962-regarding
X X X X Extracts X X X X
X X X X Extracts X X X X
....ehousing period by the Chief Commissioners under section 61 of the Customs Act, 1962-regarding As you are aware, section 61 of the Customs Act, 1962 lays down the period for which imported goods can be warehoused. The first proviso to Section 61 of the Customs Act provides that the prescribed period of warehousing, on sufficient cause being shown, can be extended for a period not exceeding six mo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Customs Act, 1962 was carried out in 1994. 3. The matter has been examined in the Board. High levels of imported bonded goods lying in the warehouses and Customs duty locked up thereon are matters of concern. For this purpose, in the recent past, warehousing provisions under the Customs Act, 1962 have been tightened so as to encourage early clearances from bonded warehouses and to reduce the pe....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... due to strike, lock-out, natural calamities, etc. Financial constraints of the importers are not to be considered as adequate ground for granting extension of warehousing period. 4. While considering the requests for extension of warehousing period, the concerned authority should be satisfied regarding the condition of the goods and should ensure that the goods are not likely to deteriorate duri....
X X X X Extracts X X X X
X X X X Extracts X X X X
....upplied to diplomats, * Goods warehoused and sold through duty free shops, * Goods imported by 100% EOUs , * Goods used in the units operating under manufacture-in-bond scheme, * Machinery, equipments and raw materials imported for building and fitment to ships. 6. You are requested to advise the trade to file such applications for extension of warehousing period, as far as p....