JUDGMENT

The petitioner imported a printing machine in connection with his book printing business at a concessional rate of duty utilising the benefit of the Export Promotion Capital Goods Scheme (hereinafter referred to as ‘the EPCG Scheme’). A condition of the said Scheme, read with the provisions of notification No.64/2008-CUS, was that the petitioner was under an obligation to earn foreign exchange equivalent to US$874,49.5 within eight years of the issue of license/authorisation under the scheme. The petitioner failed to achieve the export obligation. Therefore, proceedings were initiated against the petitioner to recover the duty forgone in the import of capital goods (along with the applicable interest), for confiscation and the imposition of penalty. The proceedings culminated in Ext.P1 order dated 10.02.2022, imposing on the petitioner the liability to pay a sum of Rs.50,23,802/-(Rupees Fifty lakhs Twenty-three Thousand Eight Hundred and two only) along with applicable interest towards the amount of duty forgone. The petitioner was also mulcted with an order of confiscation of the goods imported. However, since the goods were not available for confiscation, a penalty of Rs.