https://www.taxtmi.com/caselaws?id=74311 Imported goods covered by licences subject to an actual user condition remained liable to confiscation where the condition could not be fulfilled and the licensing endorsement was later cancelled, confirming the customs objection that clearance was not valid under the licence terms. A financing bank that merely opened the letter of credit and paid on the strength of the licensing endorsement, without mala fides or participation in any misrepresentation, should not bear the redemption burden; the redemption fine was remitted as against the bank. en-us Mon, 06 Feb 1989 00:00:00 +0530 Wed, 08 Jun 2011 11:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=74311 Imported goods covered by licences subject to an actual user condition remained liable to confiscation where the condition could not be fulfilled and the licensing endorsement was later cancelled, confirming the customs objection that clearance was not valid under the licence terms. A financing bank that merely opened the letter of credit and paid on the strength of the licensing endorsement, without mala fides or participation in any misrepresentation, should not bear the redemption burden; the redemption fine was remitted as against the bank. Case-Laws Customs Mon, 06 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=74311