2007 (1) TMI 350

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....DR, for the Respondent. [Order per : P.G. Chacko, Member (J)]. -  The appellants had imported capital goods under EPCG licence dated 29-6-1995 and cleared the goods at concessional rate under Customs Notification No. 110/95. Later on, the department, on enquiries, found that the importer had not duly discharged their export obligation under EPCG scheme year-wise. The minimum year-wise r....

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.... original authority confirmed the demand of duty with interest at the rate of 24% p.a. thereon. It was also ordered that, in the event of non-payment of duty with interest within one month, the bank guarantee executed by the noticee at the time of clearance of the goods would be enforced against them for recovery of the dues. Against this decision of the Deputy Commissioner of Customs, the party p....

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....d their export obligation before 31-3-1999, they should be deemed to have fulfilled their export obligation under the licence. In the said letter, JDGFT also requested the Commissioner to "redeem the case" without imposing penalties. On the strength of these documents, learned Counsel prays for setting aside the impugned order and allowing this appeal. 2. Learned SDR reiterates the finding....