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2016 (11) TMI 179 - AT - CustomsPenalty - Evasion of duty - Notification No. 140/87-Cus. Dated 27.3.1987 - Held that: - On investigation, it was established that the goods were diverted to the local market from the port of importation (Kandla Gujarat) and never reached the factory premises of the Company, at North Karnataka, thereby contravening the conditions of the exemption notification inasmuch as the imported goods were not utilised for manufacturing the final products, but diverted into local market - The statements of others especially Shri Srinivas Naik, Whole-time Director, and Shri Vinayak D. Gavdi, Manager (Administration) clearly establishes that both Shri R N Shetty and Shri Vijay Venkatarao Kamat are responsible for the said evasion of duty. As regards the plea of limitation, it is observed that the goods were imported and cleared under License No. 0001145 dated 21.02.1990 availing the benefit of exemption under Notification No. 140/87-Cus. Dated 27.3.1987, which prescribes certain conditions, according to which they were to use the imported goods for manufacture of specified goods which were to be exported - It is settled law that when the goods are imported under certain conditions and under Bond, limitation does not apply till the conditions are fulfilled and the Bond is discharged - Appeals are dismissed - Decided against the assessee.
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