1999 (2) TMI 262

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..... [Order per : J.H. Joglekar, Member (T)]. The facts leading to the appeal in short are as follows :- M/s. Cyanides and Chemicals Co. had a value based advance licence. Since the export obligation had been fulfilled by them, the licence was made transferable by the licensing authorities. M/s. Kantilal and Co. Pvt. Ltd. secured this licence from the original holders and imported caustic s .....

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..... as no evidence to the effect that the original holder had suppressed any material fact regarding Modvat availment. He held that the Modvat wrongly taken was reversed before the first holder requested for transferability. He observed that the endorsement was given on the conditions having been fulfilled and therefore the holders of the transferred licence could import goods free of duty. Against th .....

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..... (89) E.L.T. T44. In terms of Trade Notice the Government had relaxed the relevant condition expost facto on compliance of the conditions stated therein. One of the conditions was that apart from reversal of the credit incorrectly availed the exporter would also pay interest thereon calculated for the period between the rate of export and date of reversal. He submits that the certificate has been .....

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