Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
The HC held that a post-import obligation under an exemption notification may continue after rescission, and Section 159A can preserve action despite withdrawal or modification of the notification, but only within the statutory limitation period. Proceedings for confiscation, fine in lieu of confiscation, and penalty remained subject to Section 28 limitation. Because the show cause notice was issued beyond five years from the relevant date, the penal proceedings were time-barred and could not be sustained. The court distinguished the cited precedent on the ground that the notice there had been issued within time.
The HC held that a post-import obligation under an exemption notification may continue after rescission, and Section 159A can preserve action despite withdrawal or modification of the notification, but only within the statutory limitation period. Proceedings for confiscation, fine in lieu of confiscation, and penalty remained subject to Section 28 limitation. Because the show cause notice was issued beyond five years from the relevant date, the penal proceedings were time-barred and could not be sustained. The court distinguished the cited precedent on the ground that the notice there had been issued within time.
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