9911796707
TMI Blog2003 (6) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/0138754, dated 11-3-98 under exemption Notification No. 30/97, dated 1-4-97 at Nil rate of Customs duty and Nil rate of Additional Duty of Customs, subject, inter alia, to the conditions that the licence holder shall fulfil the export obligation and other conditions prescribed in the said notification during the validity period of the said licence for which they duly executed Bond and Bank guarantee. Due to recession in global market and fall in demand for Indian Handicraft the applicant could not fulfil the export obligation of the aforesaid notification. 2. The Joint Director General of Foreign Trade directed the applicant to deposit the Customs duty and interest for the unutilised quantity of exempt material imported duty free again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able the rate of duty has been indicated as Nil for such of the goods falling under Headings 0.301 to 0.306. The attention was also drawn to the rate of duty indicated against the aforesaid sub-headings in the relevant Chapter-III of the Customs Tariff. The Revenue was asked to make submission as to what would constitute the rate of duty of customs in the relevant assessment documents? Is it the rate of duty in the said notification or the rate indicated against the sub-headings in the tariff, when the importer is claiming assessment with reference to the said Notification No. 26/95 ? Would the full liability as indicated in the relevant tariff heading of Chapter-III is relevant or the rate referred to in Notification No. 26/95 for purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant shall pay the amount of Rs. 21,87,719/- [43,81,387- (13,93,668 + 8,00,000)] within 30 days of receipt of the copy of this order. 8. The learned Advocate submitted that there is financial hardship but he had not submitted evidence of financial hardship while filing the application before the Settlement Commission. The Advocate, however, submitted a copy of the provisional balance sheet as on 31-3-2003 wherein a large amount has been shown pending for realisation from foreign debtors and against closing stock. The learned Advocate has not presented the balance sheets for the last two years (at least 2 preceding years of the said provisional balance sheet). In view of this the request of the Advocate for payment of admitted liability ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
