https://www.taxtmi.com/caselaws?id=95810 The Settlement Commission granted immunity from prosecution to the applicants under the Customs Act and the Indian Penal Code. The applicants admitted to a duty liability of Rs. 89,98,379/-, including interest, for failing to fulfill export obligations under the DEEC Scheme due to external factors. The Commission reduced the interest rate to 10% per annum and directed payment within 30 days. The applicants' full disclosure and cooperation led to a favorable settlement under Section 127C(7) of the Customs Act, 1962, subject to the order being void if obtained by fraud or misrepresentation. en-us Fri, 02 Mar 2001 00:00:00 +0530 Thu, 15 Dec 2011 11:44:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95810 The Settlement Commission granted immunity from prosecution to the applicants under the Customs Act and the Indian Penal Code. The applicants admitted to a duty liability of Rs. 89,98,379/-, including interest, for failing to fulfill export obligations under the DEEC Scheme due to external factors. The Commission reduced the interest rate to 10% per annum and directed payment within 30 days. The applicants' full disclosure and cooperation led to a favorable settlement under Section 127C(7) of the Customs Act, 1962, subject to the order being void if obtained by fraud or misrepresentation. Case-Laws Customs Fri, 02 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95810