2001 (12) TMI 707

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..... Shri A.K. Jain, JDR, for the Respondent. [Order per : J.H. Joglekar, Member (T)]. This application is for waiver of pre-deposit of duty of Rs. 1,05,12,925/- and penalty of Rs. 50 lakhs. We have heard Shri Sridharan appearing along with Shri Vishwanathan for the applicants and Shri A.K. Jain for the Revenue. 2. The applicants imported a number of consignments of polyols and isocyanat .....

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..... the Customs Act, 1962. Allegation was made that the goods earlier imported were liable to confiscation in terms of Section 111(o) of the Act. After hearing the importers the Commissioner passed orders confirming the duty and imposing the penalty as cited above. He observed that although the assessees had stated that the bond for each individual consignment had been discharged on the end-use certi .....

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..... f the bond/undertaking, we find that the details of such bonds/undertaking are not given in the show cause notice at all. The show cause notice gives details of 24 imports along with the bills of entry numbers, etc. It is presumed that in the case of each importation the assessee had given a bond. If the Commissioner was of the view that the promise made under those bond could be invoked and put t .....

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