https://www.taxtmi.com/caselaws?id=72638 Goods imported under Open General Licence remained liable to confiscation where the import breached the actual user condition and the supporting import transaction was found to be based on fictitious and disowned concerns. The Bank could not claim release of the goods merely as a joint holder of the licence, because its financing and letter of credit arrangements did not cure the underlying policy breach. Penalty under the Customs Act was not leviable on the Bank, since its conduct amounted only to negligence and imprudence, not the act or omission required for confiscation-linked penal liability. Vinod Kumar was liable to penalty because he masterminded the import using fictitious entities and manipulated documents. en-us Tue, 07 Jan 1986 00:00:00 +0530 Fri, 20 May 2011 18:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72638 Goods imported under Open General Licence remained liable to confiscation where the import breached the actual user condition and the supporting import transaction was found to be based on fictitious and disowned concerns. The Bank could not claim release of the goods merely as a joint holder of the licence, because its financing and letter of credit arrangements did not cure the underlying policy breach. Penalty under the Customs Act was not leviable on the Bank, since its conduct amounted only to negligence and imprudence, not the act or omission required for confiscation-linked penal liability. Vinod Kumar was liable to penalty because he masterminded the import using fictitious entities and manipulated documents. Case-Laws Customs Tue, 07 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72638