9911796707
TMI Blog2006 (6) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... liability and once the applicant agreed under an agreement to pay interest, he has no legal right to claim waiver of the interest amount. 2. Learned Counsel submitted that in the present case only an undertaking has been given by the petitioner and there was no contractual obligation between the parties to pay interest. He further submitted that as per the terms and conditions of Notification No. 31/97-Cus., dated 1-4-1997, which are adopted under the undertaking, payment of interest is a statutory liability and once the payment of interest under the terms and conditions of the Notification No. 31/97 becomes statutory in nature, bond also be treated as a part of the statute. Learned Counsel for the petitioner therefore, submitted that ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the Policy. 5. Now we come to the undertaking given by the petitioner. For ready reference relevant portion of the undertaking is reproduced below : - "WHEREAS THE PRESIDENT OF INDIA, acting through the Assistant Commissioner of Customs, Surat, Ministry of Finance, Government of India (hereinafter referred to as the Government) has agreed to grant M/s. Parag Exports, Parag House, Near Udhna Darwaja, Ring Road, Surat 395 002, Gujarat (hereinafter referred to as the Importer/Exporter), exemption in terms of Notification No. 31/97, dated 1-4-1997 against Import Licence No. P/W/5200577, dated 23-8-1999 (hereinafter referred to as Licence for the Import of the goods mentioned therein) on the terms and conditions specified in the said N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of said Notification No. 31/97-Cus., dated 1-4-1997 and Licence No. P/W/5200539, dated 7-7-1999. 7. This agreement is entered into by Parag Exports on one side and The President of India on the other side, through the Assistant Commissioner, who acted on behalf of His Excellency the President of India. Exemption has been given by the Assistant Commissioner under the agreement and that export obligations are to be discharged by Parag Exports, and if it fails to discharge the obligations, then M/s. Parag Export is required to pay duty and interest thereon. 8. Therefore, it cannot be said that it is a mere undertaking. In fact, it is an agreement in form of undertaking agreed between two parties i.e. Assistant Commissioner of Cus ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
