https://www.taxtmi.com/caselaws?id=210265 The court ruled in favor of the importer, holding that duty forgone on imports using a fraudulent DEPB scrip cannot be demanded from the importer. The court emphasized the importer's good faith in purchasing and utilizing the DEPB scrip, distinguishing their case from situations involving fraud. It was also decided that the extended period under section 28 of the Customs Act cannot be invoked to demand revenue loss caused by the transferor's fraudulent activity. The court followed legal precedents that deemed it inappropriate to penalize the importer in such scenarios, maintaining the waiver of penalties imposed on the importer. en-us Wed, 01 Jun 2011 00:00:00 +0530 Thu, 10 Dec 2015 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210265 The court ruled in favor of the importer, holding that duty forgone on imports using a fraudulent DEPB scrip cannot be demanded from the importer. The court emphasized the importer's good faith in purchasing and utilizing the DEPB scrip, distinguishing their case from situations involving fraud. It was also decided that the extended period under section 28 of the Customs Act cannot be invoked to demand revenue loss caused by the transferor's fraudulent activity. The court followed legal precedents that deemed it inappropriate to penalize the importer in such scenarios, maintaining the waiver of penalties imposed on the importer. Case-Laws Customs Wed, 01 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210265