Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
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