2004 (7) TMI 167

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....rovisions of Section 114(iii) of the Customs Act, 1962 and ordered confiscation of five subject consignments entered for export under provisions of Section 113(d) of the Customs Act, 1962. He also gave option to redeem the same on payment of fine amount as indicated in the order and imposed penalty of  Rs. 1,00,000/- on Shri Sanjay Kapoor. 2. Aggrieved by the same, the assessee filed the present appeal before this Tribunal. 3. The appellant, M/s. Bijoux Impex, Mumbai, filed five shipping bills under drawback scheme for export of 100% cotton vests and 100% cotton T-shirts (readymade garments) to M/s. Ali Al Moammari Trading Establishment, 204, 1/128, Naif Road, P.O. Box 1494, Dubai, U.A.E. The consignments sought for export were t....

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.... We also find that the Commissioner has erred in concluding that in this case since the export was being made on a credit of 180 days and the appellants had therefore added the elements of interest in their price and that such element was not acceptable for payment of drawback under the provisions of Rule 3 of the Drawback Rules, 1995 is not the correct interpretation of law for the reasons - (i)         the value for export is fixed after negotiation and all elements of costs, including the interest of credit of 180 days would be included in such negotiated prices. In any case, this element of interest of credit of 180 days would be only a very small factor in determining the export price. The maj....