2003 (10) TMI 487

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....Order per : Jyoti Balasundaram, Member (J)]. -  The appellants herein, who are merchant-exporters and holders of value based advance licence dated 22-3-1993 exported two lakh metres of woven fabrics to Hong Kong by shipping bill dated 8-3-1993. After fulfilment of export obligation they transferred the import licences to four other parties, namely, M/s. Bangalore Mono Filaments, M/s. Plastot....

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....s. 12 lakh upon the present appellants in terms of Section 112 of the Customs Act, 1962; hence this appeal. 2. We have heard Shri L.P. Asthana, and Shri George, learned DR. We find that there is no material on record to establish that input stage credit had been availed either by the merchant manufacturer or the transferees of the licences, therefore non-compliance with the requirement in th....