DEWAN TYRES LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) The petitioner-M/s Dewan Tyres Ltd., a Company registered under Companies Act, 1956, was engaged in manufacturing of Automobiles Tyres and Tubes. At the time of filing of this writ petition, the petitioners are said to have closed business, having become sick.

(2.) Be that as it may, the dispute relates to the period of 1994, when petitioner-Company was granted Value Based Advance Licence No. P/L/2322966 on 10.02.1994 by Controller, Import and Export, Ministry of Commerce Industries under Duty Exemption Scheme under Imports and Exports (Control) Act, 1947 (hereinafter referred to as the "Act, 1947"). The Licence was issued for import of CIF (Cost, Insurance and Freight), for value of U.S. Dollars 1,42,445/- (INR Rs. 45,58,240/-). As per the condition of licence, petitioner-Company was to fulfill export obligation of FOB (Free on Board), value of U.S. Dollars 2,27,344/- (INR Rs. 72,75,000/-). The import period of licence was one year from the date of issuance and export period was three years from the date of issuance of licence. The goods imported against advance licence was to be utilized in accordance with provisions of import and export policy for 1992 to 1997.

(3.) The petitioners claimed to have complied with aforesaid obligation and also did export as per export obligation under licence through 11 shipping bills. It is also claimed by petitioners that they submitted original shipping bills alongwith Bank realization certificates, with the department, as and when the trade was carried out.