2001 (4) TMI 133

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....lakhs by the appellants during the period January, 1995 to April, 1995. The impugned order has imposed penalty on the appellants on the ground that the imports of the spares were restricted to actual user licences in terms of para 75 of the Handbook of Procedure under the Export-Import Policy and that the appellants have not produced the required licence. 2. When the matter came up for hearing today ld. Counsel representing the appellants took us through the provisions in the Export & Import Policy for the relevant period i.e. April, 1992 to March, 1997. The ld. Counsel submitted that para 23 of the Import Policy related to the import of spares for capital goods. Under para 23, actual users and others were eligible to import capital good....

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....duced below :- "9. I am also inclined to agree with the second plea of the ld. Consultant that the requirement of a licence or otherwise, is to be seen from the Policy and not from the Handbook of Procedures. It is the Policy which lays down the substantive restrictions. Handbook merely prescribes certain administrative guidelines and may not necessarily flow from the Policy. In view of the aforesaid observations, I allow the appeal, while setting aside the impugned order, with consequential relief to the appellants herein." 3. The ld. Counsel for the appellant also submitted that the facts and circumstances of this case also did not warrant imposition of any penalty on the appellant. The appellant was a limited company engaged in the....