9911796707
TMI Blog2015 (12) TMI 1433X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs authorities formed a belief that the valuation declared by the petitioner at the time of import was not accurate and further that the petitioner had breached the condition on which the concessional rate of duty was applied. Authority, therefore, issued a show cause notice dated 22nd July, 2010 calling upon the petitioner to show cause why the aircraft should not be confiscated, valuation of Rs. 31.37 crores (rounded off), showed by the petitioner should not be substituted by Rs. 37.99 Crores (rounded off) and the Customs duty of Rs. 8.78 Crores (rounded off) with interest and penalty be not recovered. 3. Pending such adjudication of such show cause notice, under a bond of Rs. 30 Crores, the aircraft has been released. The petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the show-cause notice has been transferred to the call book or that the aircraft in question would not be available for confiscation if the show-cause notice culminates into an order of confiscation being passed. The respondent No.2 shall decide the application on or before 24th November, 2015 and the order passed thereon shall be placed on the record of this court on or before 26th November, 2015. S.O. to 26th November, 2015. Direct Service is permitted today". 6. Pursuant to such directions, the respondents conveyed under communication dated 23.11.2015, their permission to the petitioner to sell the aircraft, however, on following conditions: "1. Besides earlier Bank Guarantee of Rs. 10 Crores submitted by M/s.Shreno Ltd., M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is not foreseeable when the show cause notice would be finally adjudicated. 8. Learned counsel, Shri R.J.Oza, for the department submitted that the question of acceptance of bank guarantee or corporate guarantee be left to the discretion of the Commissioner. He drew our attention to the show cause notice and submitted that the principal duty liability indicated in the show cause notice would fuhrer invite interest and penalties. 9. Having thus heard learned counsel for the parties and having perused the documents on record, we notice that the principal duty liability as indicated in the show cause notice is Rs. 8.78 crores. This principal amount of duty may further invite interest and penalties. However, it is not necessary that in ever ..... X X X X Extracts X X X X X X X X Extracts X X X X
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