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2017 (10) TMI 671 - AT - CustomsBenefit of transitional arrangement - issuance of LC - N/N. 41 (RE-2008) dt. 18.09.2008 of DGFT - case of Revenue is that the said LC was not issued by Respondent but by M/s Asian Granito India Ltd., the respondent being High Seas Buyer there is no question of LC being opened by the respondent buyer for the foreign supplier - Held that: - The objective of allowing transitional arrangements is only on the basis that if LC issued before issuance of Notification to avoid the retrospective effect of such Notification. It is not significant who has opened the LC, the important aspect is the LC in respect of subject Import. It is also pertinent to note that LC in normal course is never opened by High Seas Buyer for the reason that High Seas Buyer has no Locus Standi as regard payment of transaction of imported goods. It is between foreign supplier and original importer (High Seas Seller) of the imported goods - the benefit of transitional arrangement in terms of para 1.5 of Foreign Trade Policy was clearly available to the Respondent - appeal dismissed - decided against Revenue.
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