2008 (2) TMI 262

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..... or the Respondent.   [Order per : Jyoti Balasundaram, Vice-President]. - Vide the impugned order, the Commissioner of Customs has confiscated natural rubber failing under CTH 4001.21 imported by the appellants herein, under the provisions of Section 111(d) of the Customs Act, 2002 with option to redeem the goods on payment of a fine of Rs. 10,00,000/- and has also imposed a penalty of Rs. 1 .....

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..... any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that the shipment of the export or import is made within the original validity of the irrevocable letter of credit established before the date of imposition of such restriction." The Commissioner rejected the appellants' contention .....

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..... is relevant in this case. There is no dispute that the date is 25-12-2001. Since the goods have been shipped before 25-12-2001, i.e. within the original validity of the irrevocable letter of credit, which was opened before 19-12-2001 which is the date on which the restriction was imposed, no case for confiscation has been made out by the Revenue. We hold that the goods are not liable to confiscat .....

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