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...
For assessment and recovery purposes, the importer is the person who files the Bill of Entry, subscribes to the statutory declaration and seeks clearance; because those acts were done by the filing firms and not the appellants, the duty demand under Section 28 and denial of Notification No. 80/95-Cus failed against them. Misdeclaration under Section 111(m) required responsibility for or knowing participation in the false declaration, and no such evidence existed against the appellants, so confiscation and redemption fine were set aside. However, their furnishing of advance licences, end-use bonds and bank guarantees amounted to deliberate facilitation of improper clearance, sustaining penalty under Section 112(a).
For assessment and recovery purposes, the importer is the person who files the Bill of Entry, subscribes to the statutory declaration and seeks clearance; because those acts were done by the filing firms and not the appellants, the duty demand under Section 28 and denial of Notification No. 80/95-Cus failed against them. Misdeclaration under Section 111(m) required responsibility for or knowing participation in the false declaration, and no such evidence existed against the appellants, so confiscation and redemption fine were set aside. However, their furnishing of advance licences, end-use bonds and bank guarantees amounted to deliberate facilitation of improper clearance, sustaining penalty under Section 112(a).
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