Calculate the amount of duty drawback allowable under the Customs Act, 1962 in the following independent cases: Jaggi Mehta imported a car from U.K. for his personal use and paid ₹4,50,000 as import duty on the car. Howe

Computation of duty drawback is as follows:- Drawback at 98% [₹4,41,000] As per Section 74 of the customs Act, 1962 when any identifiable imported goods are re- exported, 98% of the import duty is re- paid as drawback provided- the goods are identified to the satisfaction of the Assistant / Deputy Commissioner of Customs as the goods which were imported and the same are entered for export within two years from the date of payment of the import duty. Thus, Jaggi Mehta can claim duty drawback of ₹4,41,000/- (98% of ₹4,50,000) on the presumption that aforesaid conditions are fulfilled.