2007 (4) TMI 671

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.... an exporter, was issued Annual Advance Licence No. 2910000332, dated 29th March, 2000 for a CIF value of Rs. 1,25,00,000/- for import of required inputs for the export product-Handicrafts covered under Standard Input Output Norms as given in Handbook 1997-2002 Vol. 2. The petitioner did not fulfill the export obligation whereupon a notice dated 24th July, 2002 was issued by the Joint Director Gen....

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....athur, learned counsel for the petitioner submitted that in the show cause notice dated 24th July, 2002 it was specifically mentioned that the petitioner could have been granted extension upto 31st March, 2003 provided a Bank Guarantee equivalent to the customs duty with 24% interest on unutilized exempt material is furnished. According to him action could have been taken only after 31st March, 20....