2014 (3) TMI 823

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.... Respondent. ORDER Heard both sides on the stay petition. 2. The applicant having an unit in Jammu and Kashmir was availing the benefit of Notification No. 56/2002-C.E., dated 14-11-2002. During the relevant period, they have cleared goods valued about Rs. 5 crores to a merchant exporter who has reportedly exported the said goods to a buyer in UAE. The applicant has initially paid a sum of....

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....to Rs. 2 crores from the merchant exporter. Further, the fact that merchant exporter may not have received the bank realisation certificate and therefore, their rebate claims have been rejected by the Customs authorities is not a reliable evidence to hold that they have overvalued the goods. Non-receipt of the sale proceeds from their buyer is not a criteria to conclude that there was overvaluatio....