2010 (9) TMI 1025

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.....S. Katiyar, SDR, for the Respondent. ORDER The appellant had imported oil well equipment in the year 2005. At the time of import, in terms of para 2.21 of the EXIM Policy 2002-07, the importer executed a re-export bond to re-export the goods within six months of completion of contract but the appellant has failed to re-export the impugned equipments. Redemption fine and penalty were imposed....

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....e redemption fine and penalty are not to be imposed. 3. On the other hand the learned DR submitted that in this case the appellant himself has executed the bond to re-export the equipment in question and they failed to fulfil the condition of the bond executed by themselves. Hence, the lower authority has rightly imposed redemption fine and penalty on the appellants. He also supported the ....