SC upholds exemption under Notification 50/2017-Customs for Lithium Ion Battery parts used in power banks

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....The SC upheld the CESTAT's determination affirming the appellant's entitlement to the exemption under Notification No. 50/2017-Customs for parts/components imported for the manufacture of Lithium Ion Batteries. Despite the appellant producing power banks from these batteries, the Court found that the raw materials were rightly used in the manufacture of Lithium Ion Batteries which were subsequently utilized in power bank production. The claim for exemption was therefore valid. The appellant's contention regarding the extended period of limitation was not accepted. The SC found no merit to disturb the impugned order and dismissed the appeals accordingly.....