TaxTMI 
TaxTMI 
2018 (5) TMI 1144
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...."ABAN-IV" out of India for the purpose of undertaking petroleum operation. 2. Learned Counsel for the appellant pointed out that they had imported the said vessels availing exemption under Notification No. 21/2002 Sr. No. 356. The said exemption exempted specified machinery required in connection with petroleum operations undertaken under petroleum exploration licenses or mining leases, as the case may be, issued or renewed after the 1st of April, 1999 and granted by the Government of India or any State Government to the Oil and Natural Gas Corporation or Oil India Limited on nomination basis. The said exemption was available subject to a conditions which, interalia, required production of a certificate from a duly Authorised Officer of th....
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....ized under Section 110 of the Customs Act 1962 (CIF value Rs. 455.43 crores). However, the said goods were released provisionally in terms of Bombay High Court's order 3.8.2015 on execution of a Bond 100% value of Rig/ drill ship and on the basis of undertaken given to the court. 3. A show-cause notice was issued to M/s Aban Offshore Ltd. demanding duty of Rs. 10,79,67,008/- from them. The said show-cause notice was decided by adjudicating authority vide order 27.02.2017. The order held that the essentially certificate was invalid, and therefore the benefit of Notification No. 12/2012 dated 27.02.2017 Sl. No. 356 was denied and the demand of duty of Rs. 10,79,67,008/- was confirmed. Adjudicating Authority also ordered confiscation of g....
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.... not jeopardise the revenue in any manner. They also contended that if rig itself is fully exempted the valuation of the rig has no relevance. They took support from the Hon'ble Apex Court order in case of Wander Ltd. 2003 (157) ELT 3 (SC) 3.4 The applicant now wish to take the vessel out of India. They are seeking relaxation in the condition imposed by the lower authorities, in terms of the order of Hon'ble High Court of Mumbai. The present issue before Tribunal is two fold- (i) If it can stay recovery of redemption fine (ii) If it can grant permission to take the rig out of India. What would be the impact of staying the imposition of redemption fine? Redemption fine is an option which the applicant can choose not to exercise. We ....