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“If the transaction value (FOB value) is so high, that the drawback due on the goods exceeds the market value of the goods, then, as per section 76(1)(b) of the Customs Act, 1962, no drawback shall be allowed.”
In the present case, initiation of the voluntary liquidation was a voluntary commercial decision taken by the shareholders. It is open to the shareholders, where no prejudice is caused to any stakeholder, to reconsider and reverse their decision, particularly when the process has not proceeded to an irreversible stage, such as distribution of assets.
Even if the figures in the document are hypothetically taken to be correct figures, still the same must be proved with corroborative evidence otherwise the document becomes irrelevant.