https://www.taxtmi.com/caselaws?id=4265 Substantial compliance with an exemption notification was treated as sufficient where the assessees deposited the duty-equivalent amount in an escrow account, informed the department, opened separate accounts, and executed the required tripartite agreement. The Tribunal found no diversion or misutilisation of either the principal or the interest, and held that minor procedural lapses could not defeat the exemption when the notification's development objective for the North-East Region had been fulfilled. The duty demand, interest demand, and penalties were set aside. The Tribunal also extended the time for withdrawal from the escrow account and subsequent utilisation, because departmental action had prevented timely compliance and further directions were needed to make the relief effective. en-us Wed, 13 Feb 2008 00:00:00 +0530 Mon, 23 Jun 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4265 Substantial compliance with an exemption notification was treated as sufficient where the assessees deposited the duty-equivalent amount in an escrow account, informed the department, opened separate accounts, and executed the required tripartite agreement. The Tribunal found no diversion or misutilisation of either the principal or the interest, and held that minor procedural lapses could not defeat the exemption when the notification's development objective for the North-East Region had been fulfilled. The duty demand, interest demand, and penalties were set aside. The Tribunal also extended the time for withdrawal from the escrow account and subsequent utilisation, because departmental action had prevented timely compliance and further directions were needed to make the relief effective. Case-Laws Central Excise Wed, 13 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4265