TMI Blog2016 (3) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... bank guarantee is reduced from ₹ 25,89,44,000/- to ₹ 5,00,00,000/- (Rupees five crores only). - Decided partly in favour of appellant - Appeal No. C/42138/2015 - Final Order No.40134/2016 - Dated:- 23-2-2016 - SHRI R. PERIASAMI, TECHNICAL MEMBER AND SHRI P.K. CHOUDHARY, JUDICIAL MEMBER For the Petitioner : Shri R.Parthasarathy, Advocate For the Respondent : Ms. Indira Sisupal, AC (AR) ORDER PER R. PERIASAMI The present appeal is filed by appellant M/s.Ligare Aviation ltd. against a letter O.S.No.60/2015-AIU dated 30.07.2015 issued by the Principal Commissioner, office of the Commissioner of Central Excise, Madurai. 2. The Ld. Advocate appearing on behalf of the applicant submits that the matter rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s buyer M/s.INV2-R Leasing Company Ltd. (buyer) for a consideration. He also submits that by another lease agreement dt.11.7.2014 entered between the appellant and the overseas buyer for operating the same aircraft on lease by the appellant for a consideration. He further submits that for the purpose of financial arrangement and working capital of the company, aircraft was sold and again by entering into lease agreement, aircraft was leased out to appellant. The aircraft was flown to Colombo on 14.7.2014 and after completing the sale transaction, the aircraft returned to Madurai on 16.7.2014. He submits that aircraft was imported only in the year 2011 and cleared at NIL rate of duty. Therefore, in this transaction aircraft though it was sol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guments and submits that the goods were seized for contravention of the provisions of the Act under valid mahazar was drawn under Section 110 of the Act as both export and import of the goods taken place without filing of shipping bill or Bill of Entry, either at the time of export or at the time of import and no documents whatsoever were produced. Therefore, taking into consideration the value of the aircraft i.e. ₹ 128 crores, the Principal Commissioner in his discretion has allowed provisional release of the goods on payment of 28% of the value of the goods for release. He also submits that this case is not covered under eligibility of the notification. 4. After hearing both sides, and on perusal of seizure mahazardt. 25.7.2015, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duled Passenger Aircraft. 6. Considering the overall facts and circumstances of the case and the seizure memo and appellants having the licence from DGCA to operate NSOP services,we modify the the provisional release order dt. 30.7.2015 and allow provisional release under Section 110 A of the Customs Act subject to execution of bond equivalent value of the goods of ₹ 128 crores(Rupees One hundred twenty eight crores only) and the bank guarantee is reduced from ₹ 25,89,44,000/- to ₹ 5,00,00,000/- (Rupees five crores only). The impugned order is modified to the extent indicated above and the appeal is allowed in the above terms. Order by 'Dasti'. (Dictated and pronounced in open court) - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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