2010 (12) TMI 144

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....nt/s Shri S.Sankaravadivelu, Advocate For the Respondent/s Per Jyoti Balasundaram The respondents herein imported capital goods under zero duty EPCG scheme vide licence dt. 21.3.96 issued by the DGFT,New Delhifor the manufacture of IV Cannula and scalp vein sets, from M/s.Pharmaplan,Germany, M/s.Kraussmaffei,Germanyand M/s.Nokia Maillefer SA,Switzerland. The department was of the view tha....

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.... from the German company) and Rs.1,37,14,400/- (of goods imported from the Swiss company) fell short of Rs.20 crores and as the total value of plant and equipment imported against the licence in question was only Rs.15,38,34,583/-, proposed denial of benefit of Notification No.111/95-Cus., recovery of duty of Customs of Rs.6,38,90,487/- together with interest as per condition 6 of the notification....

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....even taking into account the value of DM 80,45,900 as per the agreement dt. 20.11.92 with M/s.Pharmaplan,Germany, it works out to Rs.17,93,33,454/-, applying the prevalent exchange rate at the time of import. The above position is not rebutted by the Revenue.   The above value added to Rs.2,20,80,928/- and Rs.1,37,14,400/- (which is the accepted value of goods imported from M/s.Kraussmaf....