2024 (1) TMI 1554

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....s Act 1962, and the goods were allowed to be warehoused. The entire quantity of base oil imported vide the above three Bills of Entries were stored in a shore tank. The goods were cleared in installments on filing of Ex-bond Bills of entry. 2. The goods were finally assessed based on the documents submitted by the appellant. On finalization of the provisional assessment a demand of Rs. 8,41,658/- was issued to the appellant as it was found that as per the invoice the value of 1496.334 MTS of Base Oil is Rs. 6,83,88,301/-, whereas duty was levied on the assessable value of Rs. 6,58,87,201/- as per the values in the ex-bond bills of entry, which is the value of the goods cleared from the shore tank. For the difference in the value of Rs. 2....

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....on or deposit in a warehouse, the importer is not liable to pay the duty leviable on such goods. This is for the reason that the import of goods does not take place until they become part of the land mass of India and until the act of importation is complete which under sections 13 and 23 happens only after an order for clearance for home consumption is made and/or an order permitting the deposit of goods in a warehouse is made. Under section 23(2) the owner of the imported goods may also at any time before such orders have been made relinquish his title to the goods and shall not be liable to pay any duty thereon. In short, he may abandon the said goods even after they have physically landed at any port in India but before any of the afore....