Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

2009 (8) TMI 82

..... ve imported the goods having satisfied the said requirement and as in the meantime a new policy had come into force the petitioners by their communication dated 18th April, 1990 and 18th June, 1990 had called on the Chief Controller of Imports and Exports for a clarification regarding the import of the said machine – Held that - The clarification, in our opinion, considering para.24 would result in the petitioners having acted in good faith on the said clarification and consequently the import, therefore, cannot be said to be illegal. In the light of that the impugned order in Original as also the Order of CESTAT are set aside - 3790 of 1990 - 26-8-2009 - FERDINOI. REBELLO &am .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... ng Machine. By letter dated 4th January, 1990 M/s.John Parker Machine Tools Ltd., U.K., placed order for the aforesaid machine. The petitioners thereafter opened an irrevocable Letter of Credit through their bankers The Union Bank of India. The Letter of Credit was opened on 26th February, 1990 and was valid till 17th March, 1990. As M/s.John Parker Machine Tools Ltd., U.K., could not send the aforesaid machine within the period of the Letter of Credit on application to their bankers the Letter of Credit was extended firstly till 24th March, 1990 and subsequently on further request till 31st March, 1990. The petitioners by letter of 30th March, 1990 applied for further extension upto 30th April, 1990 as M/s.John Parker Machine Tools Ltd., U .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... ller of Imports and Exports. The petitioners accordingly by Letter of 18th April, 1990 pointed out various facts and sought clarification that in view of Condition 9 of the OGL order the Letter of Credit to be extended as it had been registered with the Foreign Exchange Dealer prior to 28th February, 1990. By letter of 30th May, 1990 the 1st petitioners Bankers forwarded to the 1st petitioner a copy of the letter written by the Reserve Bank of India to them and further stated that as the 1st petitioners have already taken up the matter with the CCI and E, New Delhi the matter could be taken up with the Reserve Bank of India only after receipt of the concurrence of the ITC Authorities for an extension of the said Letter of Credit. Further co .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... ly and as they had been told of the grounds which they had to meet the 1st petitioner waived the requirement of a show cause notice. The grounds on which the Respondent No.2 disallowed the importation have been set out. A personal hearing was granted where the petitioners pointed out the various facts leading to the import as also the clarification given by CCI and E. By an order dated 8th November, 1990 the 2nd respondent held that the goods were imported without a license and were therefore unauthorised and, therefore, purported to confiscate the goods under Section 111(d) of the Act and purported to impose a fine in lieu of confiscation of Rs.77 lacs. However, having regard to the facts the Respondents did not think fit to impose any pen .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... nce issued under capital goods procedure. The petitioners did not produce the requisite licence and instead sought clearance under OGL as per provisions of Import Policy AM 198891 based on the Letter of Credit dated 26th February, 1990 and extension thereof. It is set out that the perusal of Letter of Credit dated 26th February, 1990 it is seen that the shipment date was allowed upto 17th March, 1990 and that validity of letter of credit expired on 27th March, 1990 and extension of the shipment period in L.C. was granted on 26th June, 1990. It is then set out that the respondent No.2 has correctly held that extension of further six months in the case given by Licensing Authority is not in order as it is a fresh commitment and, therefore, cl .....

X X X X X X X

Full Text of the Document

X X X X X X X

..... t Control Act, 1947 if there was any difficulty in giving interpretation to the said policy it was left to the Chief Controller of Imports and Exports and the interpretation given was to be final and prevailing over any clarification given by any other authority or person in the same matter. The Respondents themselves had, therefore, in the matter of clarification of payment itself left it to the CCI and E to give clarification. That clarification was given by the CCI and E by communication dated 26th June, 1990 addressed to the petitioners herein. By the clarification the petitioners were informed that with the permission of the bankers to extend the Letter of Credit upto 30th September, 1990. In other words the authority in whom the power .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||