The writ petition challenges the reassessment of a Bill of Entry dated 15.09.2015. The petitioner argues that an amendment to a notification increasing the customs duty from 7.5% to 12.5% should not apply because it was not in force on the date of assessment. The petitioner contends that the notification was not offered for sale on the date of its issue, a condition required by Section 25(4) of the Customs Act, 1962. The petitioner also argues that insolvency proceedings were initiated against them under the Insolvency and Bankruptcy Code, 2016, which should impact the customs duty demand.
M/s. Ruchi Soya Industries Ltd. filed a Bill of Entry in advance to clear a consignment of crude palm oil, proposing to pay Basic Customs Duty (BCD) at 7.5% as per a notification dated 16.3.2012. However, by the time the Bill of Entry was assessed, the notification had been amended, increasing the BCD to 12.5%. The petitioner argues that the amended notification was not in force on the date of assessment because it was not offered for sale on the date of its issue, as required by Section 25(4) of the Customs Act, 1962. The petitioner also argues that insolvency proceedings were initiated against them under the Insolvency and Bankruptcy Code (IBC), 2016. A petition under the IBC was filed by Standard Chartered Bank, and the National Company Law Tribunal (NCLT), Mumbai,
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The writ petition challenges the reassessment of a Bill of Entry dated 15.09.2015. The petitioner argues that an amendment to a notification increasing the customs duty from 7.5% to 12.5% should not apply because it was not in force on the date of assessment. The petitioner contends that the notification was not offered for sale on the date of its issue, a condition required by Section 25(4) of the Customs Act, 1962. The petitioner also argues that insolvency proceedings were initiated against them under the Insolvency and Bankruptcy Code, 2016, which should impact the customs duty demand.
M/s. Ruchi Soya Industries Ltd. filed a Bill of Entry in advance to clear a consignment of crude palm oil, proposing to pay Basic Customs Duty (BCD) at 7.5% as per a notification dated 16.3.2012. However, by the time the Bill of Entry was assessed, the notification had been amended, increasing the BCD to 12.5%. The petitioner argues that the amended notification was not in force on the date of assessment because it was not offered for sale on the date of its issue, as required by Section 25(4) of the Customs Act, 1962. The petitioner also argues that insolvency proceedings were initiated against them under the Insolvency and Bankruptcy Code (IBC), 2016. A petition under the IBC was filed by Standard Chartered Bank, and the National Company Law Tribunal (NCLT), Mumbai,
…Date of the Bill of…
Date of the a…