ORDER :

(PER : HONOURABLE MS. JUSTICE SANGEETA K. VISHEN)

1. With the consent of the learned advocates for the respective parties, the matter is taken up for final disposal.

2. By this petition, inter alia, under Article 226 of the Constitution of India, the petitioners have prayed for quashing and setting aside the impugned Less Charge Demand Notice being F.No.B/E No.F- 1434./02.11.04 dated 2.8.2007.

3. The brief facts of the case are that the petitioner No.1 - company is, inter alia, engaged in the business of developing, operating and maintaining the Port and Port based related infrastructure facilities, including multi product Special Economic Zone.

3.1 On 1.3.2002, the Central Government issued a Notification No.27/2002 by which, leased machinery, equipment and tools temporarily imported for execution of contract were eligible for concessional rate of duty at the rate of 15% of the aggregate duties of customs, i.e. total duty leviable under the Customs Act, 1962 (hereinafter referred to as 'the Act of 1962'), if they are re-exported within six months. The said notification was followed by another Notification No.54/2003 dated 1.4.2003, exempting spares, office equipments and furnit