I G PETROCHEMICALS LTD Vs CCE & C : BOMBAY HIGH COURT (Dated: June 6, 2016)
CX - De-bonding from 100% EOU status - Capital goods imported under EPCG Scheme without payment of duty - impossible to assume that an item such as a generating set or a generator could be left out from the list of capital goods without any intent or purpose - only during the audit it came to notice and that is why the mis-declaration was termed as an act which attracted penalty - Appeal dismissed: High Court [para 11, 12, 13, 19, 20]
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