CBIC Prescribes New Procedure For Disposal Of Gold
2 years, 6 months ago

CBIC Prescribes New Procedure For Disposal Of Gold

Live Law  

The Central Board of Indirect Taxes and Customs has prescribed the new procedure for the disposal of gold. Firstly, the issue raised was in respect of the determination of the amount of sale proceeds of gold while refunding the amount in lieu of gold already disposed of. In these situations, the field formations find it difficult to determine the actual amount of sale proceeds pertaining to the seized gold since they are not getting the details of sale proceeds which are credited centrally in a consolidated manner to the standard gold bars delivered to RBI. At the time of handing over gold to SPMCIL in terms of the instruction dated December 03, 2021, the tariff value and the average market price per 10gm shall be entered in the stock register. Secondly, the issue raised was expanding the scope of the instruction dated December 03, 2021 to include gold jewellery/articles/ornaments.

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History of this topic

Gujarat High Court Directs To Release Seized Gold As Outstanding Demand Against Assessee
1 year, 8 months ago

Gujarat High Court Directs To Release Seized Gold As Outstanding Demand Against Assessee

Live Law  

The Gujarat High Court has directed the department to release the 100.350 grams of seized gold as the assessee had no outstanding demand.The bench of Justice Vipul M. Pancholi and Justice Devan M. Desai has observed that the gold in question belongs to the petitioner, and he has accounted for it in his books of accounts. The Gujarat High Court …

Foreign Origin Gold Bar With Unexplained Source Is Liable For Absolute Confiscation As It amounts To Importation Of Prohibited Goods: CESTAT
2 years, 10 months ago

Foreign Origin Gold Bar With Unexplained Source Is Liable For Absolute Confiscation As It amounts To Importation Of Prohibited Goods: CESTAT

Live Law  

The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal consisting of P.Dinesha, while remanding the matter back, held that the gold bar with a foreign marking, the source of which is not explained, is liable for absolute confiscation since the same would amount to the importation of a prohibited good. In the Show Cause Notice, it was …

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