https://www.taxtmi.com/caselaws?id=33761 Conditional exemption under an EPCG licence required import of capital goods of the prescribed minimum value within the valid period, and the admitted shortfall justified denial of exemption and confirmation of the breach. Financial difficulty did not excuse non-compliance with the licence condition attached to the benefit already availed. However, the quantification of penalty, redemption fine and interest had to reflect the statutory framework and relevant mitigating circumstances, including the appellant's asserted efforts to meet the export obligation. The finding of breach was maintained, but the monetary consequences were remitted for fresh consideration after examining the evidence and compliance history. en-us Thu, 26 Mar 2009 00:00:00 +0530 Tue, 09 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33761 Conditional exemption under an EPCG licence required import of capital goods of the prescribed minimum value within the valid period, and the admitted shortfall justified denial of exemption and confirmation of the breach. Financial difficulty did not excuse non-compliance with the licence condition attached to the benefit already availed. However, the quantification of penalty, redemption fine and interest had to reflect the statutory framework and relevant mitigating circumstances, including the appellant's asserted efforts to meet the export obligation. The finding of breach was maintained, but the monetary consequences were remitted for fresh consideration after examining the evidence and compliance history. Case-Laws Customs Thu, 26 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33761