HDFC Bank Ltd Vs Commissioner of Customs (CESTAT Hyderabad)
CESTAT Hyderabad held that benefit of concessional rate vide notification no. 62/2004-Cus dated 12.05.2004 is denied on import of rectangular shape gold bars as manufacturers or refiners serial numbers not found engraved on the gold bars.
Facts- The appellant is a banking company. It regularly imports gold of various forms, including gold coins, for further sale, through various ports. Import of gold coins attracts a concessional rate of duty at Rs.100/- per 10 gm under Notification No.62/2004 dt.12.05.2004. The appellant has been importing gold coins and said concessional rate of duty was being extended to them. These gold coins are wrapped with plastic on which serial numbers are given. In one of the imports, the appellant filed two Airway Bills dt.18.08.2005 and 06.06.2006 and claimed concessional rate of duty on the gold coins. However, it was denied by the customs on the ground that the coins also shall contain the serial number engraved on them. Though the appellant explained that there is no such condition for the coins, the customs insisted payment of duty at higher rate of duty and the appellant paid the duty at higher rate and thus, excess duty of Rs.5,35,500/- under protest.
