Attention is invited to Policy Circular No.14(RE-2006)/2004-09 dated 25.07.2006 regarding recovery of 5% customs duty on notional basis in cases where capital goods are sourced domestically under EPCG Authorisations. Pending further deliberations on the mode of recovery of this component of customs duty, it has been decided to keep this Policy Circular in abeyance.
It may be noted that Annual Information Returns (AIRs) constitute an important source of information to Income Tax Department and, as such, it is imperative that the data furnished to them is complete and accurate in all respects.
