2019 (12) TMI 831

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..... 01. We answer the question accordingly. Customs duty exemption - mercantile system of accounting - income of the year of incremental growth in FoB value of exports of the year of receipt of certificate/licence - HELD THAT:- Under a customs notification dated 8th April 2005 the goods imported against a duty credit certificate issued under the target plus scheme in the relevant foreign trade po .....

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..... appellant Mr. J. P. Khaitan, Sr. Advocate, Mr. Saumya Kejriwal, Advocate And Mr. Soumik Ghosh, Advocate for the revenue ORDER The Court: On 3rd December 2018 this appeal was admitted by this Court to be heard on two questions of law. Those are as follows: (i) Whether under the mercantile system of accounting customs duty exemption o .....

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..... nt foreign trade policy were exempted from duty. This duty credit certificate was issued to star export house on the basis of incremental growth in FOB value of exports made during the financial year 2003-2004. The respondent assessee was following the mercantile system of accounting. It had accounted for the amount representing the exemption from duty in the accounts of the financi .....

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