Remission - Indian Laws - General

Remission As per Webster s Third New International Dictionary (Unabridged), Remission is described as cancellation or relinquishment of the whole or a part of a financial obligation, voluntary release of a debt or claim to a debtor or person liable to a creditor or claimant having legal capacity to alienate; relief from a forfeiture or a penalty. In Advanced Law Lexicon by P.Ramanatha Aiyar, 3rd Edition Remission is described as the action of remitting or giving up partially or wholly a tax, debt, penalty etc. In the context to duty, it is stated that the expression remission or adjustment of duty would have normal meaning of expression and under the circumstances, be a reduction or even exemption of duty which would otherwise be payable. In Black s Law Dictionary, Remission is described as a cancellation or extinguishment of all or part of a financial obligation. In context of conventional remission, under civil law, it is understood as remission expressly granted to a debtor by a creditor having capacity to alienate. CIT - I VERSUS RINKESH EXPORTS - 2011 (8) TMI 1106 - GUJARAT HIGH COURT