https://www.taxtmi.com/caselaws?id=78225 Imports under a REP licence are governed by the import policy in force when the licence is issued, not the policy prevailing on the date of actual import. The licence carried flexibility to import capital goods within the prescribed value limit, subject to exclusions. TV broadcast and studio equipment used in film production was treated as capital goods because it answered the policy description of plant, machinery or equipment required for rendering services. As the goods were not shown to fall within any excluded category, their import under the REP licence was permissible and refusal of clearance was unjustified. en-us Mon, 08 Mar 2010 00:00:00 +0530 Wed, 10 Nov 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78225 Imports under a REP licence are governed by the import policy in force when the licence is issued, not the policy prevailing on the date of actual import. The licence carried flexibility to import capital goods within the prescribed value limit, subject to exclusions. TV broadcast and studio equipment used in film production was treated as capital goods because it answered the policy description of plant, machinery or equipment required for rendering services. As the goods were not shown to fall within any excluded category, their import under the REP licence was permissible and refusal of clearance was unjustified. Case-Laws Customs Mon, 08 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78225