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2012 (5) TMI 68 - DELHI HIGH COURTPenalty imposed on the petitioner Company and also suspended the Importer Exporter Code – petitioner claim to re-export the goods to foreign exporter revoking the suspension of the Importer Exporter Code as the agreement was entered before the levy of peanlty – Held that:- Execution of the bond by the petitioner Company in favour of the respondents - statement further secure the respondents by also restraining the petitioner Company from dealing in any manner with the said assets to the prejudice of the respondents, till, as aforesaid the question of penalty exists - direct the respondents to permit the petitioner Company to re-export the goods by treating the Importer Exporter Code valid for the said limited purpose and subject of course to compliance of all rules, regulations & laws – in favour of assessee.
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