1995 (12) TMI 157

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....f 18% from the date of importation till the date of payment and imposing a penalty of Rs. 1 lakh upon the appellants herein. The brief facts of the case are that the appellants submitted their Import and Export Passbook dated 7-6-1988 and requested for issue of No Objection Certificate. From a verification of the passbook, it transpired that the appellants had not utilised 36104.50 Kg brass scrap imported free of duty for the manufacture of their resultant product specified in the passbook, namely Brass Art Wares and Handicrafts. The non-utilisation of this quantity has been arrived at by subtracting the quantity utilised as indicated in the passbook in Part G from the quantity actually imported which is as follows : (a) Quantity importe....

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.... the learned Departmental Representative and carefully considered their submissions. 3. The contention of the appellant that the passbook was issued to them as per import entitlement rate given in Appendix 14A wherein according to para 271(2) of the 1988-91 Policy, the export obligation will have to be fulfilled in terms of value only, is not acceptable as (a) Licence does not contain any endorsement or indication that the passbook was issued under Appendix 14A and (b). The raw-material imported, i.e. brass scrap figures in Appendix 14-C at Serial No. 9 under list of sensitive items. The argument of the Appellants that Chapter XX covering the Import-Export passbook is applicable only to the passbook granted as per Appendix 14A is no....