9911796707
TMI Blog2002 (5) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... e Rs. 3,80,92,071/- and involved DEPB credit of Rs. 60,94,731/-. The exports were meant to M/s. American Expo Ltd. Houston, Texas, USA. On examination, the goods were not found to be the Multi Coloured Printed Books as declared by the exporters and they were further found to be printed in USA. In a statement dated 24-3-2000 recorded from Shri Arvind Srivastava, Head International Business of the exporters, he submitted that the books sought to be exported were purchased from the market and they were not eligible for DEPB benefit. Consequently, the export consignments were seized under Section 108 of the Customs Act, 1962 and the proceedings were initiated against the party. They were issued a show cause notice dated 4-10-2000 in which they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner in his order has observed that the interpretation of the policy made by the DGFT is binding and consequently, he held that the DEPB benefit is not available to the noticee party. As regards the valuation of the export consignments, the Commissioner in his order has observed that the books in question are offered for sale to the same overseas supplier at about nine times of the price at which the goods were originally purchased from them and that too after a lapse of one and a half years. He has accordingly rejected the contention of the party that there was no deliberate over valuation of the export consignments. He further observed that in the present case the overseas supplier of the books and the buyer of the export books happened ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat they have admitted the over-valuation of the export consignments in their submissions, is factually not correct. It is contended that they are a merchant exporter and they had to procure the books in question from the market; that they had given a quotation/offer to M/s. American Expo Ltd., Houston, Texas, U.S.A. which is accepted by them. It is, therefore, contended that the allegation of over invoicing is based merely on suspicion, conjecture and surmise and is not based on any evidence. It is further contended that the domestic sale price in respect of the volumes sought to be exported by them in most cases is higher or equal to the export price; that this fact indicates that the sale price by the book sellers offered to them was gen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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