9911796707
TMI Blog2018 (3) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... Growth Corridor Ltd., not being specified agency in the notification, before the assessing officer, would amount to fraudulent exercise, thus enabling the Revenue to initiate the proceedings by invoking the longer period of limitation does not appeal to us inasmuch as admittedly the fact that the order stand placed upon them by Hyderabad Growth Corridor Ltd. was placed before the assessing authority. If the Revenue intended to further investigate the matter, they were well within the power and jurisdiction to call for the Memorandum of Association and Article of Association of Hyderabad Growth Corridor Ltd. The fact that such Memorandum of Association was not placed before the authority cannot amount to any mala fide on their part in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad in India by or on behalf of the various organizations mentioned therein. 2. As per facts on records, the appellants have been awarded a contract agreement by Hyderabad Growth Corridor Ltd. A Special Purpose Vehicle (SPV) set up under Companies Act, 1956 with the equity participation from Infrastructure Corporation of Andhra Pradesh Ltd. (INCAP) as well as Hyderabad Urban Development Authority (HUDA) for construction of outer ring road project. The appellants had furnished an undertaking as required by condition No. 40(b) of the Notification in question to the Assistant/Deputy Commissioner of Customs. The imports were made by the appellant claiming the benefit of the Notification in the Bills of Entry so filed by them. The agreement e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the CHA to the extent of ₹ 1 lakh. Hence, the present appeal by all the appellants. 5. It stands contended before us that M/s Hyderabad Growth Corridor Ltd. is Road Construction Corporation under the control of the State of Andhra Pradesh and the findings of the original adjudicating authority that the said Hyderabad Growth Corridor Ltd. is not under the control of State Government is based upon wrong appreciation of the Memorandum of Association. The adjudicating authority has observed that the INCAP and HUDA, who were desirous of being formed into a company, agreed to take the specified number of shares in the capital of the company. The authorized share capital of the company was divided into 80 lakhs equity shares of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erit, he also submits that demand is barred by limitation having been raised by invoking the longer period. He submits that the Bills of Entry filed by them was finally assessed by the Customs officer before whom all the documents were placed including the agreement and the contract order etc. If the Revenue was of the view that the benefit is not available to the appellant, they could have investigated the matter at that point of time itself instead of extending the benefit. As such, it is the contention of the appellant that in absence of any mala fide on their part, longer period is not invocable to the Revenue. 8. After considering the submissions and going though the records, we find that admittedly at the time of import of the good ..... X X X X Extracts X X X X X X X X Extracts X X X X
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