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2008 (9) TMI 264 - CESTAT NEW DELHIImport of second hand looms under “EPCG Scheme” - goods imported in 1996 and warehoused – appellant changed their mind on clearing the warehoused goods under EPCG licences and applied to the DGFT for treating the goods as goods imported under “100% EOU Scheme” – permission was granted and EPCG licences were cancelled – since appellant not acted with any sense of urgency by filing the B/E for clearance of goods, appellant is not entitled to clear goods under either any of the Scheme - However, taking into account that the goods still have some residuary life left, and goods have been imported using precious foreign exchange, goods are permitted to be cleared - confiscation is not justified
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