https://www.taxtmi.com/caselaws?id=122256 The tribunal upheld joint and several liability for duty and penalties against importers M/s. ETKSL and M/s. ORJ, while lessors M/s. SFL and M/s. ICICI Bank were not held liable. The extended period of limitation under Section 28(1) of the Customs Act was validly invoked due to misdeclaration. M/s. ORJ was directed to pre-deposit Rs. 1 crore, with a waiver granted for the balance amount. Lessors were granted a waiver of pre-deposit and stay of recovery as they were not deemed importers. The order was pronounced on 5-3-2007. en-us Mon, 05 Mar 2007 00:00:00 +0530 Thu, 09 Aug 2012 17:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122256 The tribunal upheld joint and several liability for duty and penalties against importers M/s. ETKSL and M/s. ORJ, while lessors M/s. SFL and M/s. ICICI Bank were not held liable. The extended period of limitation under Section 28(1) of the Customs Act was validly invoked due to misdeclaration. M/s. ORJ was directed to pre-deposit Rs. 1 crore, with a waiver granted for the balance amount. Lessors were granted a waiver of pre-deposit and stay of recovery as they were not deemed importers. The order was pronounced on 5-3-2007. Case-Laws Customs Mon, 05 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122256