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TMI Blog2006 (7) TMI 541X X X X Extracts X X X X X X X X Extracts X X X X ..... , Intelligence Officer, for the Respondent. [Order]. M/s. Ceres India Limited, No. 59, Alapatt Nagar, Kakkanad, Kochi-682 030 (hereinafter referred to as the Applicants ) have filed the application dated 19-7-2005 for settlement of the proceedings initiated against them vide Show Cause Notice No. DRI/MRU/INVN/COCOA/60/2004/1186 dated 18-1-2005 issued by the Additional Director General, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Advocate appeared on behalf of the applicants and Shri M. Uma Shankar, Assistant Director, DRI, Bangalore and Shri B. Krishna Rao, Intelligence Officer, Directorate of Revenue Intelligence, Mangalore appeared on behalf of the Revenue. 4. The advocate stated that the full duty demanded stands paid and requested for immunities from interest, penalty and prosecution. The Revenue stated that the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed below :- Attention is invited to para 2.46 of the Foreign Trade Policy regarding regularization of EO default and settlement of customs duty and interest through the Settlement Commission in the Central Board of Excise and Customs. It has been decided that the decision of the Settlement Commission, in so far as customs duty and interest thereon are concerned, may be complied with by the Lice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Since the entire amount stands paid, no further duty liability subsists. (ii) The applicants shall pay interest at 10% per annum from the date the duty became due till the date of payment of duty. The Revenue shall calculate the interest amount and intimate the same to the applicants within 15 days from the date of receipt of this order. Thereafter, the Applicants shall pay the same within ..... X X X X Extracts X X X X X X X X Extracts X X X X
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