I am equally frustrated. I am testing your theme at my localhost and have total control of the php.ini. I have made ALL the necessary changes to the settings eg. max_execution_time and etc. I have even up it to ridiculous settings. eg. max_execution_time = 800!! The import data still failed.
I just bought this theme yesterday and felt really sore and tired after spending hours and hours trying to solve this simple import data.
I ran a search and found that this problem is plaguing quite a few users. Please provide me the solution now or I will seek a refund.