TaxTMI 
TaxTMI 
TaxTMI 
2001 (9) TMI 1073
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....under EPCG scheme permitting import of capital goods viz., Vide Belt Sander Machine for manufacture of plywood, blocks boards, flush doors, wood profiles, wood lippings of CIF value of Rs. 16,50,340/-. The applicant was under obligation to export plywood, block boards, flush door, wood profiles, wood lippings etc. of value US$ 209235 i.e. 4 times the CIF value of imported capital goods within a period of 5 years from the date of issue of the licence. The applicant imported the capital goods under Notification No. 160/92-Cus., dated 20-4-1992 with effective Customs duty of 15% and cleared the said goods vide Bill of Entry No. 8335 dated 19-12-94 by paying the concessional rate of duty amounting to Rs. 2,64,489/-. However, the applicant could....
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.... of the same to the Settlement Commission. 9. The final hearing was fixed on 8-8-2001. During the course of hearing held on 8-8-2001, Shri A.K.Gupta, manager finance represented the applicant M/s. Vidarbha Veneer Industries Ltd. He submitted that the applicant is ready to pay the entire duty liability of Rs. 11,72,566/- as demanded in the duty demand notice dated 7-8-98. It was submitted that the balance amount i.e. the difference between the entire duty liability of Rs. 11,72,566/- minus the admitted duty liability of Rs. 11,39,969/- i.e. Rs. 32,597/- will be paid by him within the stipulated period. 10. The Revenue's submission was that immunity from prosecution might not be granted to the applicant since it might cause diffi....
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....munity either wholly or in part from the imposition of any penalty, fine and interest under the Customs Act, 1962 with respect to the case covered by the Settlement. 13. The above provisions make it very clear that as far as granting immunity from penalty, fine and interest is concerned the Settlement Commission either wholly or partly may give immunity from penalty, fine and interest only under the Customs Act with reference to the case covered by the Settlement Commission. However, the Commission may, if it is satisfied, grant immunity from prosecution for any offence under Customs Act or under the Indian Penal Code (45 of 1860) or under any other Central Act. In this view of the matter the Commission is not in a position to accede ....
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....Guarantee is executed before the DGFT the Commission is not passing any order on this. 19. The Commission finds itself unable to agree with the applicant's request to permit availment of MODVAT of the CVD paid portion of the duty liability paid by the applicant. For one thing, even as per the erstwhile MODVAT rules as existed at the time of the import of the capital goods, the applicant could have availed MODVAT of the said CVD portion if paid on the capital goods (erstwhile Rule 57Q of the Central Excise Rules, 1944). As the (CVD) portion was not paid consequent to his availing the Notification No. 160/92-Cus, there was no question of the applicant then becoming eligible for availing any equivalent Modvat credit. 20. The presen....