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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Area based exemption notification eligibility criteria were substantially met despite procedural lapses. Appellants commenced increased production capacity after substantial expansion before the specified date, rendering them eligible for exemption from that date onwards. Mere procedural violation of not filing declaration should not preclude exemption benefit. Department failed to establish suppression of facts or intent to evade duty payment, hence extended period of limitation cannot be invoked. Penalties imposed u/s 11AC set aside. Appeal partly allowed.
Area based exemption notification eligibility criteria were substantially met despite procedural lapses. Appellants commenced increased production capacity after substantial expansion before the specified date, rendering them eligible for exemption from that date onwards. Mere procedural violation of not filing declaration should not preclude exemption benefit. Department failed to establish suppression of facts or intent to evade duty payment, hence extended period of limitation cannot be invoked. Penalties imposed u/s 11AC set aside. Appeal partly allowed.
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TaxTMI 
TaxTMI 
