TaxTMI 
TaxTMI 
1997 (9) TMI 187
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....glekar, Member (T)]. - This application seeks stay of recovery and waiver of pre-deposit of the penalty of Rs. 10 lakh imposed on the applicants in the impugned order. 2. The applicants were engaged in manufacturing and exporting of metallised polyester films. The raw materials, namely, polyester film was being imported by them under DEEC. On 11-6-1992, their office and factory premises we....
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.... He held that the shortage was on account of raw materials not used in terms of notification and imposed penalty of Rs. 10 lakh on the importers. 3. Shri J.S. Agarwal, ld. Advocate arguing for the applicants reiterated all the arguments made before the Deputy Collector. He stated that the transfer of raw material between the advance licences for fulfilment of the export obligation, was not i....
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....the Dy. Collector, barring the charts, nothing was shown to us establishing the export of finished products and their accountal with the imported raw materials. In the show cause notice, the claim was made that even if the claim of the assessees was accepted that exempted raw material could be transferred from one licence to another, the shortage of exempted raw material to the extent of 4651.91 k....