Whether goods imported by a bona fide transferee using...

Whether goods imported by a bona fide transferee using transferable duty credit scrips/licenses valid on the date of import lose the duty exemption because the original licensee procured those instruments fraudulently: where the scrips/licenses were issued by the competent licensing authority after recognition and subjective verification and were subsisting at import, the transferee is entitled to the duty exemption and cannot be denied benefit on grounds of fraud by the original beneficiary, and the adjudged demands are set aside. By contrast, forged or non-issued scrips have no legal existence and remain liable to confiscation and penalty.

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