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2015 (11) TMI 1591 - CESTAT NEW DELHIDemand - Penalty - Renewal of LUT - Notification No. 42/2001-C.E. (N.T.), dated 26.06.2001 - Held that: - the said notification, it has been specified that the manufacturer-exporter may furnish the letter of undertaking in the form specified in Annexure-II in lieu bond. Nowhere in said notification, there is any mention that the LUT has to be renewed every year by the manufacturer-exporter - the instructions contained in the Excise Manual of Supplementary Instructions cannot over right the provisions of the said notification - Decided in favor of the assessee.
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