Case Law Details
Renaissance Global Limited Vs Union of India (Bombay High Court)
Bombay High Court held that once the application for SEZ LOP is accepted and LOP is issued, the Unit attains the SEZ Status and therefore entitled to all the exemptions provided under section 26 of the SEZ Act which also includes exemption from payment of duties of customs.
Facts-
It is petitioner’s case that it has been importing jewellery for remaking, which is subsequently melted, and the precious metal derived therefrom is used for the manufacture of fresh pieces of jewellery. During the period April 2005 to May 2009, an aggregate of 1160 consignments of finished unsold jewellery were imported by petitioner. Petitioner states that it manufactures branded jewellery for international buyers and exports its entire production. Petitioner states that when some of the jewellery which is exported remains unsold, for various reasons, the said foreign buyers resell the said jewellery back to petitioner based on oral / written agreements and petitioner reimports the said jewellery on an outright purchase basis. The jewellery so imported is melted and used for remaking of fresh jewellery with or without additions.
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