2017 (10) TMI 671

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....at M/s Asian Granito India Ltd. placed an order on Fuyon Compound Stone, China for purchase of a consignment of Agglomerated synthetics Slabs & Blocks. Confirmed irrevocable letter of Credit was issued by banker HDFC Ltd. Ahmedabad (Gujarat) in favour of said foreign supplier. The said LC was issued on 5th Sep, 2008. The price fixed was USD 22 & 22.50 per square meter. On 18.09.2008 Notification N....

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....ayment of Redemption Fine of Rs. 5 lakhs, penalty of Rs. 2.50 lakhs was imposed on respondent under Section 112(a) of the Customs Act, 1962. Being aggrieved, the Respondent filed appeal before Commissioner (Appeals) who allowed the appeal considering the fact that the LC was issued on 05.09.2008 i.e before the issuance of Notification No.41 (RE-2008) dt. 18.09.2008. Accordingly he has extended the....

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....onfiscation. Therefore the Commissioner (Appeals) has wrongly allowed respondents appeal. 3. Shri Anil Balani, Learned Councel appearing on behalf of respondent submits that there is no dispute that LC was issued before the issuance of Notification No.41 (RE-2008) dt. 18.09.2008 of DGFT, therefore the benefit of Transitional Provision in terms of para 1.5 of Foreign Trade Policy was very much ava....

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....on 05.09.2008. The Revenue's grounds of appeal is only that LC was not opened by the Respondent but by original importer M/s Asian Granito India Ltd. I do not find any force in ground for denying basic provision of para 1.5 of Foreign trade Policy. The objective of allowing transitional arrangements is only on he basis that if LC issued before issuance of Notification to avoid the retrospective ef....