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TMI Blog2008 (7) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... s not warranted under Section 112 of the Customs Act - penalties on the company and its Managing Director are liable to be vacated - C/19 & 22/2001 - 709 and 710/2008 - Dated:- 15-7-2008 - S/Shri P.G. Chacko, Member (J) and P. Karthikeyan, Member (T) Smt. Nisha Bineesh, for the Appellant. Shri N.J. Kumaresh, SDR, for the Respondent. [Order per: P.G. Chacko, Member (J)]. - One of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in discharge of export obligation. Owing to steep increase of price of copper in the international market, the company was not in a position to meet the requirements of the above scheme. Their request for extension of time for discharge of export obligation was not granted by the licensing authority. In the circumstances, they were constrained to dispose of the finished goods in the domestic marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [2004 (174) E.L.T. 241 (Tri.-Bang.)]. (ii) Aviquipo of India Ltd. v. Commissioner of Customs (Export), New Delhi [2005 (190) E.L.T. 274 (Tri.-Del.)]. We have heard the learned SDR also, who has reiterated the findings of the learned Chief Commissioner. 4. After considering the submissions, we find that the difficulties encountered by the appellants in the matter of discharging ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l bullion market due to the buyer of the atomized products having been declared insolvent. In the case of Dencap Electronics Pvt. Ltd. (supra), the party failed to discharge export obligation under the EPCG scheme due to a global economic crisis which particularly affected South East Asia, where the buyer was located. Considering these circumstances, the Tribunal vacated the penalty imposed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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