2003 (3) TMI 375

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....rint Services Pvt. Ltd. and co-applicants Shri Sanjay Agarwal, Shri Parvinder Singh Bhatia, Shri Vijay Vanwari, Shri Rajeev Agarwal, M/s. Link International, M/s. GMR Power Corpn. Pvt. Ltd., M/s. Select Impex Ltd., M/s. B.N. Exports, M/s. Deepal Corporation, M/s. Masitia Capital Services Ltd., was held on 6-3-2003. 2. All the applicants, except M/s. GMR Power Corporation Pvt. Ltd., were represented by Shri Sujoy Kantawala, Advocate and Shri Sanjay Agarwal. M/s. GMR Power Corporation Pvt. Ltd. was represented by Shri N.G. J.R. Luwang, Advocate. Shri Kantawala submitted the brief facts of the case as under :- 3. The applicants had filed an application before the Principal Bench, New Delhi for settlement of their case relating ....

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....l certain export obligation over a period of time. However, receipts of foreign exchange accrued to the importer (applicant) which were declared as their export earnings before DGFT, without any service having been provided by the applicant by the usage of the said capital goods i.e. cars. Most of the said remittances were merely in the nature of advance car rentals without any actual service of car rentals having been provided by the applicant. Further, in violation of the actual user condition applicable to the said imported goods till the export obligation was completed, it was revealed that even before any exports of services were undertaken and before the export obligation was completed, the applicant indulged in outright sale of the c....

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....Advocate submitted that the applicants are ready and willing to admit the entire duty of Rs. 2,93,61,300/- as demanded in the said Show Cause Notice and made the following prayers :- 1.   To admit their case for settlement; 2.   To adjust Rs. 91,55,227/- which were paid for release of 4 cars out of 20 cars towards the admitted duty liability of Rs. 2,93,61,300/-; 3.   To grant them two monthly instalments to pay the balance admitted duty liability; 4.   To release the seized cars in proportion to the amount of duty as and when paid; 5.   To execute a bank guarantee to the extent of 15% of the balance duty after adjustment of the already deposited sum of Rs. 91,55,227/-, 6.&....