2007 (3) TMI 491

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.... Respondent. [Order]. -  The appellant is engaged in the manufacture of pesticides and other agro chemicals. One of the raw materials required for the manufacture of above products is Di-Isobutylene (in short "DIB"). They were importing the said DIB. 2. In May, 1994 the appellant imported 300.890 MTs of DIB at Kandla Port. On importation, the appellants filed into-bond bill of e....

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....ransferred were 123.639 MTs. Thereafter, the said goods were cleared by the appellant from time to time. As a result there should be a balance of 83.639 MTs but the same was found to be less to the extent of 42.07 MTs. 3. After allowing evaporation loss up to 2% per year the raw material was found to be short and as such the appellant made enquiries with the Central Warehousing Corporation....

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.... the Act on the ground that the said section is applicable only when the goods are lost from the custody of custodian like Airport Authority or Port Trust or Central Warehousing Corporation, etc., before clearance of such goods under any sort of bill of entry or other documents for removal of the imported goods from the landing place. Once the goods are cleared under warehousing bill of entry the ....