https://www.taxtmi.com/caselaws?id=51028 Amnesty-based reversal of Modvat credit with interest removed the objection to duty-free imports under Notifications No. 203/92-Cus. and 204/92-Cus., and the amended advance licences were treated as valid for the added items. The term "raw materials" was read broadly to cover materials required for manufacture of the export product, so non-coking coal and copper wire bars/rods remained eligible inputs. On limitation and recovery, validly transferable and endorsed licences did not require the transferees to prove direct nexus between exports and imports, and absent suppression or wilful misstatement the extended period could not be invoked. The demand, confiscation and penalties were therefore unsustainable, and the extended-period notices were held without jurisdiction. en-us Thu, 22 Nov 2001 00:00:00 +0530 Tue, 21 Sep 2010 15:32:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51028 Amnesty-based reversal of Modvat credit with interest removed the objection to duty-free imports under Notifications No. 203/92-Cus. and 204/92-Cus., and the amended advance licences were treated as valid for the added items. The term "raw materials" was read broadly to cover materials required for manufacture of the export product, so non-coking coal and copper wire bars/rods remained eligible inputs. On limitation and recovery, validly transferable and endorsed licences did not require the transferees to prove direct nexus between exports and imports, and absent suppression or wilful misstatement the extended period could not be invoked. The demand, confiscation and penalties were therefore unsustainable, and the extended-period notices were held without jurisdiction. Case-Laws Customs Thu, 22 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51028