https://www.taxtmi.com/caselaws?id=105087 The Tribunal confirmed the absolute confiscation of goods imported against cancelled licences due to fraud. The appellant, alleged to have colluded in obtaining and selling the licences, argued being a bona fide purchaser. Citing legal precedents, the appellant contested liability for penalty. The Tribunal upheld the confiscation, deeming the licences non-existent. While acknowledging collusion, the penalty was reduced from Rs. 20.00 lacs to Rs. 5.00 lacs, emphasizing import without a valid licence as the basis. The appeal was partially allowed, reducing the penalty imposed on the appellant. en-us Mon, 30 Nov 1998 00:00:00 +0530 Fri, 02 Mar 2012 14:29:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105087 The Tribunal confirmed the absolute confiscation of goods imported against cancelled licences due to fraud. The appellant, alleged to have colluded in obtaining and selling the licences, argued being a bona fide purchaser. Citing legal precedents, the appellant contested liability for penalty. The Tribunal upheld the confiscation, deeming the licences non-existent. While acknowledging collusion, the penalty was reduced from Rs. 20.00 lacs to Rs. 5.00 lacs, emphasizing import without a valid licence as the basis. The appeal was partially allowed, reducing the penalty imposed on the appellant. Case-Laws Customs Mon, 30 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105087