2006 (7) TMI 541

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....man, Advocate, for the Appellant. S/Shri M. Uma Shankar, Asst. Director and B. Krishna Rao, Intelligence Officer, for the Respondent. [Order]. -  M/s. Ceres India Limited, No. 59, Alapatt Nagar, Kakkanad, Kochi-682 030 (hereinafter referred to as "the Applicants") have filed the application dated 19-7-2005 for settlement of the proceedings initiated against them vide Show Cause Notic....

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....ed by encashing the Bank Guarantee. 3. During the hearing held on 30-6-2006, Shri Muthu Venkataraman, Advocate appeared on behalf of the applicants and Shri M. Uma Shankar, Assistant Director, DRI, Bangalore and Shri B. Krishna Rao, Intelligence Officer, Directorate of Revenue Intelligence, Mangalore appeared on behalf of the Revenue. 4. The advocate stated that the full duty deman....

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....with the issuance of Circular No. 25/2004-2009 dated 30-3-2005 by the Joint Director General of Foreign Trade which is reproduced below :- "Attention is invited to para 2.46 of the Foreign Trade Policy regarding regularization of EO default and settlement of customs duty and interest through the Settlement Commission in the Central Board of Excise and Customs. It has been decided that the decis....

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....Section 127C of the Customs Act, 1962 on the following terms and conditions : (i)      The duty liability is fixed at Rs. 21,90,749/-. Since the entire amount stands paid, no further duty liability subsists. (ii)    The applicants shall pay interest at 10% per annum from the date the duty became due till the date of payment of duty. The Revenue shall c....