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TMI Blog2016 (9) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... prior intimation to the Customs Authority” and that “only sale of rejects above 5% of the FOB value of exports shall be counted against DTA sales”, when the facts and law is otherwise? - Held that: - assets of the respondent taken over by financial institution and were sold. The company, presently, existing only on papers. Thus, it is not appropriate to go into the issue raised by the revenue in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that unless specifically prohibited in the LOP/LOI, rejects may be sold in the Domestic Tariff Area on the basis of records maintained by the unit and on prior intimation to the Customs Authority and that only sale of rejects above 5% of the FOB value of exports shall be counted against DTA sales , when the facts and law is otherwise? At the very out-set, learned counsel for the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the revenue in the present appeal, as the assets of the respondent-company have already been taken over by the financial institution and sold out. Accordingly, the appeal is dismissed, leaving the question of law open. However, in case the stand taken by the counsel for the respondent is found to be incorrect, the revenue shall be entitled to get the present appeal restored within 3 m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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