2008 (8) TMI 81

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....hri S.R. Prasad, SDR, for the Respondent. [Order per: B.S.V. Murthy, Member (T)]. - The appellants had obtained an EPCG licence for the import of Air Jet Looms and executed a bond and bank guarantee as required. They did not fulfil the export obligation and some exports made through M/s. Indian Rayon & Industries was also rejected by the Jt. DGFT, Ahmedabad vide F.No.08/36/21/30/AM-98/EPCD/351 ....

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....t all, the Commissioner passed an order requiring the appellants to pay Rs. 32,93,783/- towards duty with interest at the appropriate rate. He also ordered confiscation of the looms imported under the licence and allowed the same to be redeemed on payment of fine of Rs. 20 lakhs. He also imposed a penalty of Rs. 10 lakhs on the party. Hence the appeal. 2. Heard both the sides. The ld. Consultan....

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....obtain bank guarantee is of no help. At the time of importation, the appellants have executed the bond and undertaken to pay the duty in case they cannot fulfil the export obligation and they have failed to fulfil the export obligation as confirmed by the DGFT who is the nodal authority to decide the same. In view of the clear cut finding by the DGFT about export obligation, action of the Departme....