JUDGMENT :

A.K. Sikri, J.

1. The Respondent No. 1 (hereinafter referred to as the 'Assessee') had imported hot rolled non-alloy steel wide coils against an advance licence issued under the Duty Exemption Entitlement Certificate (DEEC) Scheme. The quantity of the said import was 2018.6 MTs. The imports were made on 03.03.1999 and 12.04.1999. At the time of imports, the Assessee did not pay the import duty on the aforesaid materials taking umbrage under Notification No. 30/1997, as amended on 01.04.1997. This Notification allows actual users to import the raw material duty-free with the condition that the said material would be used by the importer itself and converted into specified finished goods and thereafter those goods would be exported as per the export obligations given in the advance licences. As per this obligation, the Assessee was supposed to effect export of 1000 MTs cold rolled non-alloy steel (hard) coils and 1500 MTs of CRCA skin based steel strips/coils totalling 2500 MTs. The value pertaining to these exports was also specified in the licences. The exports were to be effected within the time limits mentioned therein, which was 02.09.2001, but was extended up to 02.09.