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TMI Blog2004 (7) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... uted a Bank Guarantee for a sum of Rs. 10,69,404/- (50% of the duty saved amount). Since the appellants did not submit any export documents for more than 4 years, the Bank Guarantee was enforced and for the balance amount of duty and interest, a demand notice was issued to the appellants on 30-11-1999. The Asstt. Commissioner, in his Order-in-Original, had confirmed the duty demand under Notification No. 110/95-Cus., dated 5-6-1995 and charged interest at the rate of 24% per annum. On an appeal, ld. Commissioner (Appeals) upheld the order of the Asstt. Commissioner. 2. Ld. Advocate pleaded that the appellate authorities have wrongly held that the Customs Notification No. 160/92-Cus., dated 20-4-1992 was wrongly mentioned and hence, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1995 by amending condition No. (1) making the said Notification applicable to the valid licence issued on or before 30th April, 1995 and Notification No. 110/95-Cus., dated 5-6-1995 is applicable to the licence which are issued on or after 1st May, 1995 under EPCG Scheme as per condition (1) of the said Notification. Notification No. 160/92-Cus., dated 20-4-1992 is not applicable to the licence issued after 30 April, 1995. The licence of the appellants was issued on 3-5-1995. Therefore, Notification No. 110/95-Cus. only is applicable in their case. They have executed the bond for completion of export obligation which they have not completed, therefore, the demand notice has been rightly issued to them and interest has been rightly charged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d licence is produced for debit at the time of clearance;" whereas the condition No. (1) of the Notification No. 110/95-Cus. which is as under - "(1) The goods imported are covered by the valid licence issued on or after 1st May, 1995 under the Export Promotion Capital Goods (EPCG) Scheme in terms of Export and Import Policy (hereinafter referred to as the said policy) permitting import on payment of duty of customs at the rate of 15% and the said licence is produced for debit by the proper officer of the customs at the time of clearance;" Since the license of the appellants was issued on 3-5-1995, therefore, the only Notification applicable to them is the Notification No. 110/95-Cus. and not the Notification No. 160/92-Cus. The Circu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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