2005 (8) TMI 497

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....wanath, SDR, for the Respondent. [Order per : S.L. Peeran, Member (J) (Oral)]. -  By stay Order No. 807/04 dated 27-7-2004 the appellants were directed to pre-deposit the entire duty amount of Rs. 1,76,61,117/- on the ground that they had failed to comply with the export obligation in terms of Notification No. 111/95, dated 5-6-95 read with para 38 of the EXIM Policy 1992 - 1997. The ap....

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....tion that they had approached the Dte. General of Foreign Trade for granting extension of time to complete the export obligation. The same was considered and the DGFT by their letter dated 13-7-05 has granted them extension of time by five years up to 8-3-2008 subject to the conditions laid down in the letter. The appellants had filed all the necessary documents including the legal agreement/under....

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....xpired and the department has already passed an adjudication order confirming the demand and imposing penalty. 2. We have heard both sides in the matter. We are of the considered view that the present order has become unsustainable in view of the fact that DGFT has granted extension of the term of the licence up to 18-3-2008. In terms of the present extension letter and the appellants have....