2008 (4) TMI 662

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..... [Order per : P.G. Chacko, Member (J)]. The Appeal of the assessee is against demand of duty of over Rs. 28.00 lakhs and penalty of Rs. 2.00 lakhs. The other appeal filed by the Managing Director of the company is against a penalty of Rs. 1.00 lakh. The impugned order relates import of a Mercedes Benz Car by the assessee under EPCG licence dated 23-12-2005 and cleared for home consumpt .....

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..... missions, we find that the so-called illegal condition imposed by the licensing authority was not challenged by the party before the competent authority under the Foreign Trade (Development and Regulations) Act, 1992. Nevertheless, it is seen that the clearance of the vehicle was allowed against production of bank guarantee for an amount of Rs. 40.00 lakhs. An amount of Rs. 2.00 lakhs was also p .....

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