https://www.taxtmi.com/caselaws?id=89650 The Supreme Court clarified that certain goods could not be cleared against additional licenses issued to diamond exporters for canalized items. The imports were deemed unauthorized under Section 111(d) of the Customs Act, but no penalty was imposed due to the respondents' genuine belief in compliance. The appellate authority upheld this decision, citing the Hindustan Steel case precedent that penalties are not warranted for breaches arising from a sincere belief in following the law. The redemption fine was maintained at around 100% of the CIF value, rejecting the Department's request for an increase based on unsubstantiated profit margin allegations. en-us Wed, 25 Nov 1998 00:00:00 +0530 Wed, 28 Sep 2011 16:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=89650 The Supreme Court clarified that certain goods could not be cleared against additional licenses issued to diamond exporters for canalized items. The imports were deemed unauthorized under Section 111(d) of the Customs Act, but no penalty was imposed due to the respondents' genuine belief in compliance. The appellate authority upheld this decision, citing the Hindustan Steel case precedent that penalties are not warranted for breaches arising from a sincere belief in following the law. The redemption fine was maintained at around 100% of the CIF value, rejecting the Department's request for an increase based on unsubstantiated profit margin allegations. Case-Laws Customs Wed, 25 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=89650