https://www.taxtmi.com/caselaws?id=112966 Second hand crank shafts and cam shafts were held subject to import licensing requirements under the Exim Policy and foreign trade framework; the argument that only second hand capital goods were restricted was rejected, so the import licence requirement was upheld. Confiscation under section 111(d) of the Customs Act was sustained, and the penalty under section 112 was found justified; however, the redemption fine was reduced on the facts. The matter therefore resulted in only limited relief through moderation of the redemption fine, while the confiscation and penalty remained in force. en-us Mon, 29 Mar 2004 00:00:00 +0530 Thu, 03 May 2012 10:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112966 Second hand crank shafts and cam shafts were held subject to import licensing requirements under the Exim Policy and foreign trade framework; the argument that only second hand capital goods were restricted was rejected, so the import licence requirement was upheld. Confiscation under section 111(d) of the Customs Act was sustained, and the penalty under section 112 was found justified; however, the redemption fine was reduced on the facts. The matter therefore resulted in only limited relief through moderation of the redemption fine, while the confiscation and penalty remained in force. Case-Laws Customs Mon, 29 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112966