Section 62 - Amendment of Art 52 of 1962 - Finance Act, 1990

CHAPTER IV INDIRECT TAXES Customs 62. Amendment of Art 52 of 1962 In the Customs Act, 1962 (hereinafter referred to as the Customs Act),-- (a) in section 129C, for sub-section (5), the following sub-section shall be substituted, namely:-- (5) If the members of a Bench differ in opinion on any point, the point shall be decided according to the opinion of the majority, if there is a majority; but if the members are equally divided, they shall state the point or points on which they differ and make a reference to the President who shall either hear the point or points himself or refer the case for hearing on such point or points by one or more of the other members of the Appellate Tribunal and such point or points shall be decided according to the opinion of the majority of these members of the Appellate Tribunal who have heard the case, including those who first heard it. ; (b) after section 154, the following section shall be inserted, namely:-- 154A. Rounding off of duty, etc The amount of duty, interest, penalty, fine or any other sum payable, and the amount of refund, drawback or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored. .