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2015 (6) TMI 1109 - CGOVT - CustomsRecovery - Duty drawback - recovery on the ground that applicant failed to produce the evidence for realization of export proceeds in respect of impugned exported goods for which they were allowed drawback within the period allowed - Held that: - it is a statutory requirement u/s 75(1) of Customs Act, 1962 & Rule 16A(1) of Customs, Central Excise & Service Tax Drawback Rules, 1995, read with Section 8 of FEMA, 1999 read with Regulations 9 of Foreign Exchange Management (Export of goods & Services) Regulations, 2000 & Para 2.41 of EXIM Policy 2005-2009 that export proceeds need to be realized within the time limit provided there under in this case subject to any extension allowed by RBI - the date of realization of export proceeds was not mentioned in Bank Realization Certificate submitted by the applicant. In absence of mention of date of realization of export proceeds, it cannot be concluded that realization of export proceeds were made by the applicant and were made within stipulated time limit including extension, if any, allowed by the RBI. The applicants are liable to pay drawback availed by them for the reasons of failure to realize export proceeds within stipulated time limit - revision application rejected - decided against applicant.
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