TMI Blog2024 (3) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... bility - interest - penalty - Duty-free imports against the scrips issued under the target plus scheme of the Foreign Trade Policy - HELD THAT:- According to Ld AR, the ineligibility of the exports, against which the scrips had been issued, rendered the exemption granted on the imports to be invalid. Reliance was placed on the decision of the Hon ble Supreme Court in Munjal Showa Ltd v. Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ECHNICAL) And HON BLE MR AJAY SHARMA, MEMBER (JUDICIAL) Shri V M Doiphode, Advocate for the appellants Shri Ram Kumar, Assistant Commissioner (AR) for the respondent ORDER PER : C J MATHEW These appeals of M/s Surya Lakshmi Cotton Mills Ltd, who had effected imports against duty free scrips , issued under the target plus scheme of the Foreign Trade Policy 2004-2009, and that of Shri Paritosh Agarw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter-appellant herein for having effected duty-free imports against the scrips , issued under the target plus scheme of the Foreign Trade Policy, upon claim that the group companies, M/s Bronze Logistics Private Limited and M/s Surya Kiran International Limited, were eligible for such privileges. These scrips, numbering 20 for Rs. 9,02,45,841/-, and had been issued on 7th October 2005 and a single ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi, having failed by order dated 13th December 2011 challenge was carried before the Hon ble High Court of Andhra Pradesh (as it then was) which came to be disposed off in their favour by order dated 1st March 2019. 3. Learned Counsel for the appellant submits that the impugned order suffers from the handicap of misconstrued outcome as the ab initio cancellation of the scrips , upon which the conf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equent to cancellation of the scrips by the licensing authority which, itself, was prompted by reporting of the issue by the investigating agency. We find that the Hon ble High Court of Telangana had since set aside the cancellation of the scrips for restoration of status quo ante. This had sufficient impact on the outcome in the impugned order as to place it in jeopardy. In these circumstances, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
