TMI Blog2008 (8) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... ods under EPCG scheme has not been fulfilled at all, demand of duty, imposition of interest, confiscation of goods, imposition of penalty & redemption fine, is totally justified - C/951/2004 - A/1642/2008-WZB/AHD - Dated:- 19-8-2008 - Ms. Archana Wadhwa, Member (J) and Shri B.S.V. Murthy, Member (T) Shri K.M. Makwana, Consultant, for the Appellant. Shri S.R. Prasad, SDR, for the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 6 crores which also stands confirmed against them since appeal filed by them has been rejected. The order-in-original also explains in detail and shows clearly that appellants had not fulfilled the export obligation at all. Since the export obligation undertaken to be fulfilled at the time of importation of the goods under EPCG scheme has not been fulfilled at all, the Commissioner passed an o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uarantee, no interest is payable. 3. We find that the arguments advanced by the ld. Consultant are not acceptable. If the appellant deposited full amount for obtaining bank guarantee, it does not mean that the amount stands deposited in the Govt. treasury and has been credited in the Govt. account. Therefore the fact that they have deposited the full amount to obtain bank guarantee is of no he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the appropriate time and failed to pay the duty as soon as they were required to pay, imposition of penalty also has to be upheld. However, having regard to the circumstances of the party and the quantum of duty involved and the value of the goods, the redemption fine and penalty, in our opinion, are required to be reduced and accordingly, the redemption fine imposed in lieu of confiscation is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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