1992 (12) TMI 127

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.... [Order]. -  This appeal is directed against the order of the Additional Collector of Customs, Madras, dated nil of June, 1991 levying a fine of Rs. 25,000/- in lieu of confiscation of tantalum sheets imported by the appellant valued at Rs. 1,27,073/-. Proceedings were instituted against the appellant on a charge that the goods viz. tantalum sheets which were imported by the appellant in....

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.... for irrevocable letter of Credit with the Bankers on 5-10-1990. Unfortunately consequent on the correspondence between the Reserve Bank of India and the appellant's Bankers, the Letter of Credit (LC) could only be opened on 8-1-1991 and in the meanwhile by Public Notice dated 6-11-1990 the goods in question were taken out from the list of OGL from Appendix 6 to 3A requiring licence for the import....

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....ould not be imported under OGL since the appellant was not armed with a licence for taking clearance of the goods notwithstanding the change in the policy. Therefore, in the above circumstances I am inclined to hold that the import of the goods was not covered by and valid licence and therefore, in this view of the matter, I uphold the finding of the adjudicating authority in regard to confiscabil....