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of <h1>Supreme Court Upholds Penalties on Olympia Exports for Fraudulent Duty-Free Imports, Rejects Re-Export Relief Under Customs Act.</h1> The circular discusses a Supreme Court judgment favoring the Revenue in a case involving duty-free imports under an advance license, which required re-exportation. M/s. Olympia Exports imported raw silk and silk fabric using a fraudulently obtained license, violating export obligations by selling in the local market. The Directorate of Revenue Intelligence investigated, leading to confiscation and penalties by the Commissioner of Customs, Kolkata. The Customs Excise and Gold (Control) Appellate Tribunal initially allowed re-export and waived penalties, but the Supreme Court reinstated the confiscation and penalties, emphasizing the illegality of the imports and the absence of provisions for re-export in the Customs Act.
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