Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Under Notification No. 84/97-Cus, belated production of the Project Implementing Authority certificate, including the countersignature requirement, was treated as procedural rather than substantive. The Tribunal applied earlier precedent to hold that exemption could not be denied solely because the certificate was not filed in the exact prescribed form before clearance, where the project otherwise satisfied the notification. On that basis, the customs duty demand, interest, confiscation and penalty against the importer were set aside. The separate penalty on the bank was also unsustainable because the alleged omission was only procedural and no confiscation was upheld.
Under Notification No. 84/97-Cus, belated production of the Project Implementing Authority certificate, including the countersignature requirement, was treated as procedural rather than substantive. The Tribunal applied earlier precedent to hold that exemption could not be denied solely because the certificate was not filed in the exact prescribed form before clearance, where the project otherwise satisfied the notification. On that basis, the customs duty demand, interest, confiscation and penalty against the importer were set aside. The separate penalty on the bank was also unsustainable because the alleged omission was only procedural and no confiscation was upheld.
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