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2009 (6) TMI 369 - HC - Central ExciseForeign trade policy - It is contended that under Target Plus Scheme, the petitioner as well as other similar entities, who have achieved a minimum export turnover in free foreign exchange of Rs. 10 crore in the previous licensing year were eligible for consideration for credit entitlement under the Target Plus Scheme. This limit of Rs. 10 crore was subsequently reduced to Rs. 5 crore vide Notification No. 20 (RE 2006/2004-2009, dated 13-7-2006). The entitlement under this scheme was contingent on the percentage of incremental growth in Free on Board (FOB) value of previous exports in the current licensing year over the previous licensing year - The petitioner having proceeded to act in terms of the policy, which has been brought into force as narrated herein above, the notification at Annexure – K1 seeking to take away the benefit conferred by virtue of the credit duty being limited in terms of Annexure – K1 and with retrospective effect, would be opposed to law as is well settled by several decisions of the Supreme Court - Accordingly, the petition is allowed. Annexure – K1 insofar as it restricts the credit duty to which the petitioner was entitled in terms of Annexure – C is quashed.
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