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CESTAT held that scrips/licences procured by the original licence-holder through misrepresentation, but subsequently transferred to innocent transferee importers, remain valid for discharge of customs duty or claim of exemption at import if the licensing authority had not cancelled the instrument prior to importation. The Tribunal rejected application of a broad "fraud vitiates everything" principle to defeat bona fide transferees' rights where statutory cancellation had not occurred. Consequently, the primary legal issue favored the appellants; consequential contentions regarding duty demands, interest, extended limitation and penalties were rendered moot and not adjudicated. The impugned order was set aside and the appeal allowed.
CESTAT held that scrips/licences procured by the original licence-holder through misrepresentation, but subsequently transferred to innocent transferee importers, remain valid for discharge of customs duty or claim of exemption at import if the licensing authority had not cancelled the instrument prior to importation. The Tribunal rejected application of a broad "fraud vitiates everything" principle to defeat bona fide transferees' rights where statutory cancellation had not occurred. Consequently, the primary legal issue favored the appellants; consequential contentions regarding duty demands, interest, extended limitation and penalties were rendered moot and not adjudicated. The impugned order was set aside and the appeal allowed.
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