Drawback - Law Dictionary Search Results
Home Dictionary Name: drawbackDrawback
Drawback, 'drawback' means the repayment of duties or taxes previously charged on commodities, from which they are relived on exportation, State of Uttar Pradesh v. Delhi Cloth Mills, (1991) 1 SCC 454 (468).The term used in commerce to signify the remitting or paying back upon the exportation of a commodity of the duties previously paid on it.A drawback is a device resorted to for enabling a commodity affected by taxes to be exported and sold in the foreign market on the same terms as if it had not been taxed at all. It differs from a bounty in this, that the latter enables a commodity to be sold for less than its natural costs, whereas a drawback enables it to be sold exactly at its natural cost. Were it not for the system of drawbacks it would be impossible, unless when a country enjoyed some very peculiar facilities of production, to export any commodity that was more heavily taxed at home than abroad. But the drawback obviates this difficulty, and enables merchants to export commod...
Debentured
Entitled to drawback or debenture as debentured goods...
Drawback
A loss of advantage or deduction from profit value success etc a discouragement or hindrance objectionable feature...
Pullback
That which holds back or causes to recede a drawback a hindrance...
Custom-house
Custom-house, the house or office where commodities are entered for importation or exportation; where the duties, bounties, or drawbacks payable or receivable upon such importation or exportation are paid or received; and where ships are cleared out, etc. The principal British custom-house is in London, but there are custom-houses subordinte to it in all the considerable sea-ports...
Debenture
Debenture [fr. debeo, Lat., to owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest, but the term is a very elastic one. The word 'debenture' is of ancient origin and appears to have been in use five centuries ago (Palmer's Company Precedents, Pt. III., p. 1); and a document which, though it mentions to security and is only a promise to pay, is properly described as a debentures, and as a marketable security will require to be stamped as such, Spenyer v. Inland Revenue Commissioners, (1907)1 KB 246. By the (English) Companies Act, 1929, s. 380, a debenture is defined as including debenture stock, bonds or other securities of a company whether constituting a charge on the assets of the company or not. The charge created by debentures as a rule is fixed on the company's...
Land-waiter
Land-waiter, denotes an officer of the custom-house, whose duty is, upon landing any merchandise, to examine, taste, weigh, or measure it, and to take an account thereof. In some ports they also executethe office of a coast-waiter. They are likewise occasionally styled searchers, and are to attend and join with the patent-searcher in the execution of all dockets for the shipping of goods to be exported to foreign ports; and in cases where drawbacks on bounties are to be paid to the merchant on the exportation of any goods, they, as well as the patent-searchers, are to certify the shipping thereof on the debentures, Encyc. Londin....
Prices, current
Prices, current, a list or enumeration of various Articles of merchandise, with their prices, the duties (if any) payable thereon, when imported or exported, with the drawbacks occasionally allowed upon their exportation, etc....
Taking out to a place outside India
Taking out to a place outside India, the expression 'taking out to a place outside India' would also mean a place in high seas. It is beyond the territorial waters in India. High seas would also mean a place outside India, if it is beyond the territorial waters of India. Therefore, if the goods were taken out to the high seas outside territorial waters of India, they will come within the ambit of expression 'taking out to a place outside India', Collector of Customs v. Sun Industries, 1988 Supp SCC 342(346). [Customs and Central Excise Duties Drawback Rule, 1971, s. 2(c)]...
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