Section 108: Reassessment of warehoused goods when damaged or deteriorated

108. Reassessment of warehoused goods when damaged or deteriorated.- If any goods upon which duties are levied ad valorem 24[or otherwise] are damaged or deteriorated due to an unavoidable accident or cause after they have been entered for warehousing and assessed under section 80 and before they are cleared for home- consumption, their value in the damaged or deteriorated state may be appraised 25[according to either of the methods provided in sub-section (2) of section 27], if the owner so desires, by an officer of customs and the duty leviable thereon shall be diminished in proportion to the diminution of their value and a new bond for twice the amount of the diminished duty may, at the option of the owner, be executed by him to replace the bond originally executed.

Effective date: 1969-03-03

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