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TMI Blog1985 (3) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... tion No. 1465 of 1984 making rule absolute in terms of prayer clause (b) of the petition. 2. The respondents in this appeal constitute a partnership firm and carry on business of exporting diamonds. The respondents are also a recognised export house within the meaning of the relevant import policies. 3. It is common ground that the respondents firm under the relevant import and export policies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulfilled the export obligation and in view of the redemption certificate dated 9-3-1984, on 8-6-1984 they applied for revalidation of the said application on three grounds; (1) Imprest licence is not valid; (2) No balance value available in the Customs copy of the licence, and (3) there is no provision to endorse the imprest licence for OGL items in AM 85 policy Book. After receipt of this communi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t does not appeal to us for the simple reason that the respondents under the said licence had carried out the import and export obligation and pursuant thereto the respondents were granted redemption certificate by the Controller of Imports and Exports on 9-3-1984. It is not disputed that the said certificate was in accordance with the policy as then existed and if it is so we see no reason to rej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Dalal was unable to point out any provision which forbids grant of such revalidation under the new policy. All that he contended was that there is no provision in the existing policy i.e. for the year 1984-85 and, therefore, the revalidation cannot be granted. We do not see any substance in this contention also. 7. It was next urged by Shri Dalal that in view of the provisions of paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed before us. The appeal is accordingly summarily dismissed. 9. Shri Bulchandani at this stage orally applies for stay of the order for six weeks. Having regard to the facts and circumstances of the case we grant the stay for four weeks on condition that the appellants give four days notice in the event they intend to move the Supreme Court for any interim relief. - - TaxTMI - TMITax - C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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