2006 (11) TMI 473

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....Bhagya Devi, SDR, for the Respondent. [Order per : P.G. Chacko, Member (J)]. -  The appellants imported certain capital goods during 1995-96 under EPCG Scheme in terms of a licence issued by the Director General of Foreign Trade (DGFT). That licence was issued on 31-8-1995 and the same specified "Pickles" as export product. The imported capital goods were cleared duty-free under Customs....

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....ove licence was discharged within a period of five years from 2-7-1999. The lower authorities have not accepted this as due compliance with the requirement of discharge of export obligation under the above licence and the Notification. According to them, the exports should have been completed within five years from 31-8-1995 so as to make the appellants eligible for exemption under the Notificatio....

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....he question whether the amendment would have only prospective effect. This conduct of the party amounts to acquiescence in the retrospective operation of the amendment. Admittedly, in this case, the requirement of exporting 10% of goods in the second year, 20% of the goods in the third year, 30% of the goods in the fourth year and 40% of the goods in the fifth year was not fulfilled by the importe....