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2020 ] INDEX - 15th June, 2020 xvii
High Court cannot declare a judgment passed by Supreme Court of India as
per incuriam - See under PRECEDENT ...................... 794
IE Code misuse established, penalty on IE Code owner imposable but
reduced - See under PENALTY .......................... 881
Import under Advance Authorization - Demand - Debit made in valid
Advance Authorizations at the time of imports but the Advance
Authorizations expired at the time of final assessment - Delays in
finalization of provisional assessment not to have any impact on the
benefits available under the said Authorizations even when validity of
Authorization expires during this period - Authorizations valid at the
time of import and having sufficient balance to take care of not only the
declared value but also the enhanced value - Demand not sustainable -
Section 28 of Customs Act, 1962 — Hindalco Industries Ltd. v. Commissioner of
Customs, Ahmedabad (Tri. - Ahmd.) ............................ 890
Import general manifest - Amendment of - It can be refused only on ground
having bearing on exporter or intended purchaser, and not on importer
— Vallabh Wool Industries v. Commr. of Cus. (Export), Nhava Sheva (Tri. - Mumbai) ..... 888
Imported goods abandoned by importer and auctioned, importer eligible for
interest on delay in paying due sales proceeds to him - See under
INTEREST/COMPENSATION .......................... 836
Importer is not liable to penalty for incorrect statement in IGM - See under
PENALTY ...................................... 888
Income Tax - Sales tax paid debited in separate account for set off against
subsequent sales is not business expenditure, deduction not permissible -
See under TAX RECOVERABLE ACCOUNT .................. 785
— Unutilised credit at end of accounting year cannot be deducted as
business expenditure for Income Tax purpose - See under
CENVAT/MODVAT CREDIT .......................... 785
INCOME TAX ACT, 1961 :
— Section 43B - See under CENVAT/MODVAT CREDIT ............. 785
— See also under TAX RECOVERABLE ACCOUNT ........... 785
Interest/Compensation - Statutory interest whether payable on sale
proceeds auction of imported goods abandoned by importer - Petitioner
became entitled to the amount finally pursuant to the direction of the
Tribunal in 1999 but instead of refunding the balance amount after due
adjustment and appropriation respondents have dragged on the
proceedings for over a period of two decades - Petitioner entitled for
compensation as the Government has retained substantial amount
belonging to the petitioner for more than two decades - Interest to be
paid by applying the rate of interest prescribed under notification issued
under Section 27A of the Customs Act, 1962 prescribed for the purpose of
refund of customs duty under Section 27 ibid - Section 150 of Customs
Act, 1962 — Sunchan Trading Co. v. Commissioner of Customs, Chennai (Mad.) ....... 836
Interpretation of High Court order, scope of - See under ORDER ......... 840
Judgment passed by Supreme Court of India cannot be held as per incuriam
by High Court - See under PRECEDENT ..................... 794
Misdeclaration - Overvaluation - Established with money flow to
beneficiaries, other than seller - It justifies invocation of Section 111(m) of
Customs Act, 1962 - Any other circumstantial evidence that justifies

EXCISE LAW TIMES  15th June 2020  19