Can anyone please explain in simplified form, the new section inserted under custom act - 28AAA RECOVERY OF DUTIES IN CERTAIN CASES, its applicability, the basic purpose with any example (if possible).
I'm not very much clear after reading it from supplementary amendment book.
28 June 2013
28AAA- New Insertion – Recovery of duty in certain cases A new section 28AAA is being inserted to provide for recovery of duties, from the person to whom the instrument which was obtained through collusion etc, was issued without prejudice to any action that may be taken against the importer. Date of enactment of the Finance Bill, 2012 Certain cases have been detected relating to utilization of instruments, such as duty credit scrips, where the instrument was obtained by means of collusion or wilful mis-statement or suppression of facts by the person to whom the instrument was issued or his agent or employee and not by the importer who utilized it.
CAclubindia
