1998 (6) TMI 306

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....i, SDR, for the Respondent. [Order per : K.S. Venkataramani, Vice President]. - As the appeal itself lies in a short compass and can be disposed of, after hearing the ld. Counsel Shri Daruwalla for the applicants and Shri V.K. Puri, the ld. SDR for the Revenue, we grant stay and take up the appeal for disposal. 2. The appellants have been granted Value Based Advance Licence and DEEC ....

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....lants had suppressed the fact of the availment of Modvat credit while availing the exemption under the notification. Hence, the view was taken that the export would not qualify the export obligation under the advance licence. Show cause notice was issued under Section 28 for recovery of duty which resulted in the impugned order, whereby, the Commissioner of Customs ordered recovery of duty of Rs. ....

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....-1997. The ld. Counsel pointed out further that problem had occurred in the case of other imports against VBAL, and the Board had occasion to go into the problem and had issued instruction which has been reproduced in the Trade Notice No. 5/97, dated 7-1-1997 of the Commissioner of Central Excise and Customs, Cochin. The Board has clarified the matter after examining, keeping in view the legal and....

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....it retained by them between the date of export and the date of reversal. It was also laid down by the Board that if the reversal of Modvat credit and payment of interest as contemplated in the instruction is completed by 31-1-1997 and thereupon no demand of Customs duty leviable on goods imported against the VBAL shall be payable. 4. After hearing the ld. SDR, we find that the Board's clar....