https://www.taxtmi.com/caselaws?id=121633 The Settlement Commission granted immunity from prosecution and penal liability under the Customs Act to a company that failed to fulfill its export obligations under the EPCG Scheme due to unforeseen market conditions and technological developments. The applicant admitted duty liability, sought settlement, and was granted immunity based on lack of fraudulent intent and cooperation. The Commission considered market conditions, technological changes, and genuine errors in judgment before allowing settlement with reduced interest on the balance amount. The validity of the settlement hinges on compliance with regulatory provisions and absence of fraud or misrepresentation. en-us Tue, 30 Oct 2001 00:00:00 +0530 Wed, 01 Aug 2012 11:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121633 The Settlement Commission granted immunity from prosecution and penal liability under the Customs Act to a company that failed to fulfill its export obligations under the EPCG Scheme due to unforeseen market conditions and technological developments. The applicant admitted duty liability, sought settlement, and was granted immunity based on lack of fraudulent intent and cooperation. The Commission considered market conditions, technological changes, and genuine errors in judgment before allowing settlement with reduced interest on the balance amount. The validity of the settlement hinges on compliance with regulatory provisions and absence of fraud or misrepresentation. Case-Laws Customs Tue, 30 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121633