2020 (4) TMI 48

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..... Justice C. Saravanan For the Petitioner : Mr.S.Murugappan For the R1 to R3 : M/s.S.Seethalakshmi Standing Counsel For the R4 : Mr.J.Madana Gopal SCGSC ORDER The petitioner is aggrieved by the impugned order dated 02.03.2006 passed by the 1st respondent settlement commission. 2.By the impugned order, the settlement commission has settled the case of the petitioner on payment of Customs duty....

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.... an interest at 24% per annum in case of failure to discharge export obligation. 7.There was a failure on the part of the petitioner to discharge the export obligation and therefore, the 2nd respondent issued a demand cum Show Cause Notice dated 05.10.2001 and called upon the petitioner to produce proof of discharge of export obligation and on failure to produce the same to pay customs duty foreg....

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....gain. 12.Meanwhile, the office of the 3rd respondent called upon the petitioner to produce export obligation discharge certificate within 15 days from date of receipt of the letter, failing which, the petitioner was called upon to pay customs duty and interested at 15%. 13.It is in this background, the petitioner approached the 1st respondent Settlement Commission under Section 127B of the Custo....

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....n No.28/97-Cus dated 01.04.1997. 18.The notification contemplates that in the event an importer failing to fulfil condition, the importer should pay not only the customs duty foregone but also interest at 24% per annum. 19.The Settlement Commission has exercised the discretion vested with it and has reduced the interest at 15%. 20.The amount of interest that has been quantified to be paid by th....