TaxTMI 
TaxTMI 
2014 (5) TMI 165
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.... facts of the case are that the appellants imported certain goods and sold the same on High Seas Sales basis to one M/s. Resham Exports, a 100% EOU. Investigations revealed that the said 100% EOU, in reality, is not a functional unit and the goods procured by the said 100% EOU on High Seas Sales basis were diverted to open market instead of using the same in their factory. The noticee company has ....
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.... granted and that they did not appear for the personal hearings, ld. counsel stated that on one date, they sought adjournment and on other dates there was flood in Surat and therefore he could not appear for the hearing nor could apply for the adjournment. Ld.counsel, however stated that he is not pressing the said point as he has got a very goods case on merits. The main contention of the ld. cou....
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....t round of litigation where the Director of the company Mr. Puneet Rungta himself appeared. From his deposition, it is very clear that they have supplied the goods to M/s. Resham Exports, a 100% EOU. The appellants were in the trade relating to import of yarn and they were fully aware that 100% EOU are eligible to clear the same goods duty free. Any prudent business man will supply the goods to a ....