Interest under section 47 of Customs Act - Crucial date for calculation of

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....t, 1991 - Crucial date for Calculating interest u/s 47 of the Customs Act, 1962 - Instruction reg. As per the provision of section 47 of the Customs Act, 1962, interest is payable on such goods in respect of which Bill of Entry for home consumption has been assessed and returned to the importer but the duty leviable thereon has not been paid within seven days of such return. Certain instances h....

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....eturned prior to the entry of the vessel, the Bill of Entry were required to be returned to the Customs House for completion of assessment formalities before being returned to the importer for payment of duty. Hence in order to resolve the anomalous situation it has been decided that the relevant date i.e. the date of return of the assessed Bill of Entry should be the date of completion of assessm....