1.Are Port trusts liable to pay duty if the imported goods in their custody gets pilfered?
Sir/madam,I am getting confused in the above question due to 2 legal cases/notifications.
One is Board of Trustees of the Port of Bombay vs UOI(2009) 241 ELT 513(Bom.) which says that as the ports are formed under an Act of parliament, they need not take permission of Chief Com. To be an custodian,hence sec 45 doesn’t cover the Port trusts,so they aren’t liable to pay customs duty u/s 45(3).
Another is the Circular No 13/2009-Cus,dated 23-3-2009 on Handling of Cargo in customs areas regulations 2009,clarified that 45(1) doesn’t apply to major ports and airports and such major ports/airports doesn’t require approval of CC. However,it has further been clarified tat they would be required to discharge the responsibilites cast upon them as specified in the said Regulations (which include the responsibility to pay Customs duty as per Sec 45(3) in case of pilferage of goods,while goods are in their custody).
Which one to use during CA exams?
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2. What's the interest rate as per Section 47 of CA act 1962?
in bangar it is saying 15pc, our sir says 13pc and this link of CBEC says sth else. https://www.cbec.gov.in/customs/cs-act/cs-act-ch7.htm
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