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TMI Blog2013 (7) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside the demand, interest and penalty - Held that:- the question involved in this appeal is the determination of duty payable and interpretation of notification granting exemption and consequential validity to pay duty and exemption of penalty - Matter to be decided by Apex court - Following decision of Commissioner of Customs V/s M/s Motorala India Ltd. [2011 (4) TMI 1014 - KARNATAKA HIGH COU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Customs Act, 1962. Out of the said quantity of 1500 kgs, 925 kgs of gold were delivered on loan basis to the second Appellant M/s Rajesh Exports Ltd. (REL). The second appellant converted the gold to value added products and exported the same. The foreign exchange representing the sale proceeds has not been realized by the exporter. Hence, Revenue proceeded against the first appellant who is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any duty and both the appellants were not liable to pay any penalty. Aggrieved by the said order, the Revenue is in appeal. 3. As set out above, the question involved in this appeal is the determination of duty payable and interpretation of notification granting exemption and consequential validity to pay duty and exemption of penalty 4. This court in the case of Commissioner of Customs V/s M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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