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Issues: Whether supplies made to a World Bank financed project under International Competitive Bidding qualified as deemed exports and entitled the assessee to refund of unutilized Cenvat credit despite non-compliance with the bond or letter of undertaking condition in Notification No. 5/2006-CE(NT) dated 14.03.2006.
Analysis: The supplies were treated as deemed exports under Para 8.3 of the Import-Export Policy 2004-09. The condition in the notification requiring clearance under bond or letter of undertaking was held not to defeat the refund claim where the supplies were in the nature of deemed exports. The reasoning proceeded on the basis that deemed exports are to be accorded the same benefits as physical exports and that denial of refund would be inconsistent with that treatment.
Conclusion: The assessee was held entitled to refund of unutilized Cenvat credit.
Final Conclusion: The appeal was allowed on merits and the matter was sent back for verification and grant of refund in accordance with the order.
Ratio Decidendi: Deemed exports are entitled to the same export benefits as physical exports, and a procedural bond or undertaking requirement in the refund notification cannot defeat refund of unutilized Cenvat credit where the supplies otherwise qualify as deemed exports.
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