2014 (3) TMI 823

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.... Shri S.K. Panda, Jt. CDR, for the 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....

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....mits that they have, in fact, received close 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 cri....

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....annot be the basis to conclude overvaluation. We have not been shown any other evidence in support of their overvaluation. The records do not indicate that the merchant exporter has been paid any rebate [learned Jt. CDR submitted that further outcome of the proceeding, if any, in respect of rejection of rebate claims to the merchant exporter is not on record]. Further, we find that the credit take....