https://www.taxtmi.com/caselaws?id=277864 A value based advance licence must be interpreted under the policy in force on the date of issue, so the value earmarked for Sensitive List-III items could not be diverted for duty-free import of non-sensitive goods. The later clarification permitting use of unutilised sensitive-item value for other imports did not apply to the 1993-94 licence period. As the relevant entitlement was exhausted, the imported Non-Alloy Steel Melting Scrap was not eligible for exemption under Notification No. 203/92-Cus. and was liable to duty. en-us Tue, 20 May 2003 00:00:00 +0530 Thu, 27 Dec 2018 14:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277864 A value based advance licence must be interpreted under the policy in force on the date of issue, so the value earmarked for Sensitive List-III items could not be diverted for duty-free import of non-sensitive goods. The later clarification permitting use of unutilised sensitive-item value for other imports did not apply to the 1993-94 licence period. As the relevant entitlement was exhausted, the imported Non-Alloy Steel Melting Scrap was not eligible for exemption under Notification No. 203/92-Cus. and was liable to duty. Case-Laws Customs Tue, 20 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277864