TMI Blog2014 (11) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... than, Adv. For the Respondent : Shri K S Mishra, Addl. Comm. (AR) JUDGEMENT Per: Ashok Jindal: The appellant is in appeal against the impugned order wherein the customs duty of ₹ 1,30,10,568/- have been demanded along with interest and the goods were held liable for confiscation which were allowed to be redeemed on payment of Redemption Fine and the penalty under Section 112A of the Customs Act, 1962 was also imposed. 2. The brief facts of the case are as under:- 3. The appellant is engaged in the business of manufacture and sale of yarn. The appellant had applied for and obtained Export Promotion Capital Goods licence ('EPCG licence' for short) dated 14-1-1998, with obligation to export goods 6 times ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal goods worth ₹ 20 crores and consequently there is no violation of the condition NO. 5 in Notification NO.29/97. The application was considered by EPCG Committee consisting of both the licensing authorities and the customs authorities and approval for conversion of licence was granted. Accordingly, the licensing authority by its letter dated 8-9-2003 informed the appellant that the licence has been allowed to be converted into 10% duty EPCG licence. Thereupon, the Assistant Commissioner of Customs, EPCG issued 'No Dues' certificate and the Foreign Trade Development Officer by his communication dated 21-4-2006 informed that the appellant has fulfilled the export obligation by exporting goods 6 times the value of the capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed. Aggrieved from the said order, the appellant is before us. 10. The ld. counsel for the appellant submits that the decision of the Larger Bench dated 18.01.2008 was appealed against before the Hon'ble High Court of Bombay and the Hon'ble High Court of Bombay has observed held that once the licensing authority has found that the licence conditions have been fulfilled, it would not be open to the customs authorities to contend that the imports under the licence are contrary to law and take action against the licence holder. In this scenario, the Hon'ble High Court set aside the decision of the Larger Bench of the Tribunal, holding that the decision of the customs authorities seeking the recovery duty with interest and penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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