2003 (6) TMI 102

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....m, Member (J)]. - After hearing both sides for some time on the application for waiver of pre-deposit of duty of Rs. 31,54,177/- and penalty of equal amount imposed upon them, we find that it was possible to hear and decide the appeal itself at this stage. Hence after dispensing with the requirement of pre-deposit of duty and penalty we heard the appeal with the consent of both sides. 2. The fa....

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....s to be fulfilled as envisaged under Customs Notification No. 160/92, dated 20-4-1992 read with the Exim Policy 1992-97. On this basis a show cause notice was issued proposing denial of the concession in terms of Notification No. 160/92, recovery of differential customs duty, confiscation of detained capital goods, recovery of interest and imposition of penalty. The notice was adjudicated by the C....

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..... 160/92 whereby condition No. (iv) was introduced retrospectively w.e.f. 20-4-1992. The condition reads as under : "(iv) where the licensing authority grants an extension of the period for fulfilment of export obligation or regularisation of shortfall in export obligation not exceeding 5% of such export obligation, in terms of, and subject to satisfaction of such conditions as may be specified....

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....d with the DGFT. In spite of the fact that the period of export obligation had been extended and that the obligation had been fulfilled within the extended period and this fact has been brought to the notice of the Commissioner he held that the condition of the notification as set out had been violated. Although the appellants did not bring to his notice the amendment by the Finance Act, 2001 to N....