2012 (12) TMI 262

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.... JJ. REPRESENTED BY : S/Shri P.M. Dave, S.J. Vyas, Anand Nainawati, R. Subramanya, Paritosh Gupta, Advocates, and P.P. Jadeja, Consultant, for the Appellant. Shri Rajendra Nagar, AR, for the Respondent. [Order per : B.S.V. Murthy, Member (T)]. -  In all these appeals the issue involved is same and therefore, a common order is being passed in respect of all the stay petitions and a....

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....ained by M/s. Shree Krishna Impex and appellants had purchased these transferable DEPB scrips in the normal course and the concerned port, namely ACC Ahmedabad had issued TRAs also. Therefore, the requirement of verification of DEPB Scrips can be said to have been fulfilled by the appellants. It was also submitted that even though show cause notice was issued to M/s. Sai Krishna Impex, they did no....

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....ports took place or DEPB scrips were fake/forged but the case of the department is that there was over valuation of exports. The appellants also relied upon several other decisions to submit that the appellants being bona fide purchasers of DEPB scrips without knowledge of any fraud committed by the importer, cannot be made to pay duty again and cannot be inflicted with penalty. 3. Learned....

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....e whether the value declared for the purpose of obtaining DEPB scrips is correct or not and they have also not taken action to reduce the value of DEPB scrips or to cancel the same. Under these circumstances, the action taken by the Revenue seems to me pre-mature. Even though it was suggested that the matter can be remanded at this stage, it was submitted by the appellants that the demand is hopel....