Page 19 - ELT_1st August 2020_Vol 373_Part 3

2020 ] INDEX - 1st August, 2020 xvii
Exemption Notification - Burden to prove for its entitlement is on assessee
claiming exemption - See under TAX EXEMPTION ............... 385
EXIM - Export Promotion Capital Goods (EPCG) Scheme - Failure to fulfill
conditions of licence - Interest - Availment of benefit of Notification No.
160/92-Cus. at time of import of capital goods under EPCG Scheme
announced under EXIM Policy, 1992-1997 - Importer executed
bond/undertaking to pay interest at 24% in case failure to discharge
export obligation or violate conditions of license - License itself
contemplates that importer execute letter of undertaking and bond as per
para 102 of Handbook of Procedure as amended from time to time with
respect to export obligation - Having taken advantage of scheme not
open for importer to state that Department had no power to demand
Customs duty or levy interest thereon - Having agreed to bind to
conditions of license, importer cannot approbate and reprobate - Not
open for importer to state that Officers of Ministry of Commerce had no
power to levy of interest - However, importers entitled to reduction of
interest in terms of policy decision in D.G.F.T. Public Notice No. 22 (RE-
2013)/2009-14, dated 12-8-2013 as implemented by Notification No.
46/2013-Cus. - Bank guarantee furnished by importers exceeded
proportionate Customs duty payable on shortfall in export obligation -
Amounts appropriated towards interest cannot exceed proportionate
customs duty on shortfall in export obligation - Amount of interest
payable by respective petitioners required for re-quantification -
Licensing authority to re-determine interest to be paid by importers in
terms of said notification - Section 11(2) of Foreign Trade (Development
and Regulation) Act, 1992 — K. Dhandapani & Co. Ltd. v. Director General of Foreign
Trade, New Delhi D.G.F.T., New Delhi (Mad.) ....................... 368
Export obligation not discharged under EPCG resulting in demand of duty,
interest thereon leviable - See under EXIM .................... 368
Export Promotion Capital Goods (EPCG) Scheme, interest leviable on
demand amount on failure to fulfil export obligation or conditions of
licence - See under EXIM .............................. 368
Extended period not invokable on importer having bona fide belief on
exemption admissibility in view of earlier decision of Tribunal - See
under DEMAND .................................. 385
FINANCE ACT, 2003 :
— Section 134(4) - See under DRAWBACK ..................... 353
FOREIGN TRADE (DEVELOPMENT AND REGULATION) ACT, 1992 :
— Section 11(2) - See under EXIM .......................... 368
Forfeiture of security deposit of CHA when not sustainable due to lack of
evidence against him - See under CUSTOMS HOUSE AGENTS LICENSE . . 317
Formulations containing Dextropropoxyphene not classifiable as Narcotic
drug - See under MEDICAMENT ......................... 294
Hazardous waste imported as waste paper - Re-export of - See under RE-
EXPORT ....................................... 289
Higher Education Cess (HEC) refund/self-credit admissible under area
based exemption in J&K - See under AREA BASED EXEMPTION ....... 420
EXCISE LAW TIMES  1st August 2020  19