https://www.taxtmi.com/caselaws?id=50149 Where an import under advance licence satisfies the substantive conditions of the exemption scheme, Customs cannot deny Notification No. 203/92-C.E. merely because redemption of the LUT was delayed. The export obligation had been fully discharged, export proceeds realised, Modvat credit reversed, and the DGFT regularised the sale under para 21 of the Export-Import Policy, 1992-97. That regularisation cured the procedural lapse, and the same irregularity could not be treated as fatal again by Customs. On that basis, the exemption benefit was available and the demand, confiscation, and penalty were unsustainable. en-us Mon, 11 Dec 2000 00:00:00 +0530 Fri, 20 Aug 2010 10:24:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50149 Where an import under advance licence satisfies the substantive conditions of the exemption scheme, Customs cannot deny Notification No. 203/92-C.E. merely because redemption of the LUT was delayed. The export obligation had been fully discharged, export proceeds realised, Modvat credit reversed, and the DGFT regularised the sale under para 21 of the Export-Import Policy, 1992-97. That regularisation cured the procedural lapse, and the same irregularity could not be treated as fatal again by Customs. On that basis, the exemption benefit was available and the demand, confiscation, and penalty were unsustainable. Case-Laws Customs Mon, 11 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50149