2007 (4) TMI 671

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..... arch, 2000 for a CIF value of ₹ 1,25,00,000/- for import of required inputs for the export product-Handicrafts covered under Standard Input Output Norms as given in Handbook 1997-2002 Vol. 2. The petitioner did not fulfill the export obligation whereupon a notice dated 24th July, 2002 was issued by the Joint Director General of Foreign Trade, Moradabad-respondent No. 2 calling upon the petit .....

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..... dated 24th July, 2002 it was specifically mentioned that the petitioner could have been granted extension upto 31st March, 2003 provided a Bank Guarantee equivalent to the customs duty with 24% interest on unutilized exempt material is furnished. According to him action could have been taken only after 31st March, 2003 and not prior to that date. The submission is wholly misconceived. From a perus .....

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..... artner had gone abroad. Even after return of the Executive Partner, for the reasons best known, the petitioner did not submit any explanation nor furnish requisite Bank Guarantee in terms of paragraph 7 of the show cause notice. The petitioner has also failed to bring on record any material to show that the export obligation has been fulfilled before passing the impugned order. 5. In this view .....

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