2005 (4) TMI 183

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..... of Customs, Air Cargo (Export), New Delhi has ordered confiscation of capital goods imported duty free in terms of Notification No. 133/94-Cus., dated 22-6-1994 with option to redeem the same on payment of fine of Rs. 5 crores and confirmed the Customs duty demand of Rs. 13,80,72,841/- together with interest on the ground that they did not fulfil the export obligation and therefore, violated the .....

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..... ting that the failure to fulfil the obligation to export atomized products from precious metals like gold and silver was due to the reason that in April 2000 the American Collaboration Company, M/s. Handy Harman Refining Group Inc. USA was declared insolvent and therefore, there were no exports in the International Bullion Market, and no accreditation by the London Bullion Metal Exchange to be a .....

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