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2011 (12) TMI 708

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..... hort, the Tribunal ). 2. The appeal involves the interpretation of Notification No. 126/94, dated 3-6-1994. 3. The assessee had imported capital goods and also raw material for the manufacture and export of cut flowers for a period of five years. The assessee which is a 100% export oriented unit made exports for four years, i.e., from 1995-96 to 1998-99. 4. It appears that the exports we .....

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..... orter at the time of import or procurement of said goods executes a bond in such form and for such sum as may be prescribed by the Assistant Commissioner of Customs or Deputy Commissioner of Customs binding himself :- (a) (b) to fulfil the Export obligation and comply with the conditions stipulated in this notification and Export and Import Policy and to pay on demand an .....

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..... o the duty on consumables etc., the relevant clause that is applicable is clause 3(b)(iv). This requires the exporter to achieve Net Foreign Exchange Earning as a Percentage of Exports (NFEP) and Export Performance. Insofar as this is concerned, the Tribunal seems to have only adverted to it without any discussion on the applicability or otherwise of this clause. 8. Under the circumstances, we .....

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