2001 (6) TMI 445

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....M. George, JDR, for the Respondent. [Order per : J.H. Joglekar, Member (T)]. - On hearing both the sides on the stay application, it appeared that at this stage the main appeal itself could be taken up for disposal. This was done after granting proforma waiver of pre-deposit of duty of Rs. 65,580/- and penalty of Rs. 5000/-. 2. The appellants received a Value Based Advance Licence on....

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....rsion. He submits that this letter would have the effect of conversion from the date the licence was issued and therefore, the earlier import made should also be treated as made under the Notfn. No. 204/92-Cus. 4. Shri George on the other hand states that the conversion would affect the imports made after the date of conversion. 5. We have considered the rival submissions. On perus....