TaxTMI 
TaxTMI 
2005 (4) TMI 348
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....Jyoti Balasundaram, Vice-President]. - The Revenue is aggrieved by the order of the Collector of Customs (Appeals), Mumbai setting aside the penalty of Rs. 50,000/- imposed on the Respondent herein by the Additional Collector of Customs on the ground that he along with others colluded with M/s. Ritu Fashions in diverting polyester textiles imported duty free under Advance Licence instead of util....
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....Exports would get remaining 40%; accordingly, Mr. Raikhanna obtained advance licence for import of polyester cloth; licence expired but was renewed through one Mr. Bindra to whom Mr. Sharma was introduced by the respondent Mr. Sharma has further stated that the respondent gave him four correspondence files on 17-4-1986. Mr. K.L. Sud has stated he knows the respondent and Mr. R.C. Sharma, and the r....
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....ning advance licence for import of polyester fabrics. However, this does not amount to trafficking in any advance licence as held by the Adjudicating Authority. There is no material on record to establish that the respondent had the knowledge that the goods imported by M/s. Ritu Exports duty free under advance licence would not be used in manufacture of export garments but would be diverted into d....