2003 (12) TMI 69

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....ng authorities levying penalty of Rs. 25 lakhs for illegally disposing of the goods imported by the petitioners under the advance licence granted to them. By the order-in-original dated 3-11-1987 the petitioners were debarred for seven years and penalty of Rs. 25 lakhs was levied upon the petitioners on the ground that the petitioners had sold the imported goods in violation of the advance licence....

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....etitioners have undergone debarment cannot be a ground to set aside the order of penalty. However, looking to the fact that the petitioners have fulfilled the export obligation by procuring the locally made goods and in view of the fact that the amount of Rs. 12.5 lakhs deposited by the petitioners has now with interest has accumulated to Rs. 37,64,267/-, we are of the opinion that interest of jus....