Customs Duty on Auctioned Warehoused Goods to Be Based on Auction Sale Proceeds, Not Original Duty Amount.

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Full Text of the Document

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....Calculation and Recovery of customs duty - auction sale of warehoused goods - the custom duty has to be paid on the basis of sale proceeds realised from the sale of the goods kept in a warehouse and not on the basis of the custom duty payable at the time of filing the Bill of Entry or on the date of expiry of permitted period of warehouse.....