Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
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Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
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