2011 (1) TMI 513

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..... der Regulation 7 is mandatory and in the present case, the respondent has furnished the statement beyond the period of three months and, therefore, the Tribunal could not have condoned the delay in filing the statement - Since the Rule itself confers discretion to grant extension of time for furnishing the statement, in the facts of the present case, the discretion exercised by the Tribunal cannot .....

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..... ading 98.01 of the Central Excise Tariff Act. The goods were allowed to be cleared provisionally on execution of bond. 3. Rule 7 of the Project Import Regulations, 1986 requires the Importer to submit a statement indicating details of the goods imported together with necessary documents as proof regarding the value and quantity of goods imported within three months from the date of clearance for .....

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..... ppellant is that the requirement of submitting reconciliation statement within the period prescribed under Regulation 7 is mandatory and in the present case, the respondent has furnished the statement beyond the period of three months and, therefore, the Tribunal could not have condoned the delay in filing the statement. 7. In our opinion, the requirement of furnishing the statement within three .....

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