2004 (9) TMI 161

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..... nged the imposition of penalty in the O-I-O No. 6/2000, dated 30-8-2000 on the allegation of non-fulfilment of export obligation vide EPCG Licence, dated 10-9-1997. It is the contention of the appellants that the appellants could not fulfil the export obligations due to Global Economic crisis in Asia and in particular South East Asia. They have also stated that certain disputes and demands were ra .....

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..... purchase of the said Capacitors due to Global Economic crisis. They also stated that due to some litigation initiated against them by the Excise authorities for denying the Modvat credit on the imported inputs, the price of the final product had gone up and that they were not getting any fresh buyers in the international market. However, their plea was not accepted and the impugned order was passe .....

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..... i. - Che.). She prayed for setting aside the order of penalty. She also submitted that there was no mens rea in not fulfilling the obligations and hence penalty is not imposable under Section 112 of the Customs Act as held in the noted judgments. She submits that the issue being covered one, the prayer to set aside the penalty should be allowed. 3. The learned SDR fairly conceded the position in .....

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