https://www.taxtmi.com/caselaws?id=213076 The judge upheld the penalties imposed on the appellants for violating Section 111(o) of the Customs Act, 1962, while reducing the redemption fine to 2.5 lakhs. The court found that the appellants were the owners of the vehicle and had breached the Transfer of Residence scheme by purchasing the car within two years of importation, dismissing their argument of being bona fide purchasers. The decision confirmed the confiscation of the car and the penalties, emphasizing that reliance on prior cases was not applicable to the current circumstances. en-us Tue, 05 Jul 2011 00:00:00 +0530 Mon, 07 May 2012 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213076 The judge upheld the penalties imposed on the appellants for violating Section 111(o) of the Customs Act, 1962, while reducing the redemption fine to 2.5 lakhs. The court found that the appellants were the owners of the vehicle and had breached the Transfer of Residence scheme by purchasing the car within two years of importation, dismissing their argument of being bona fide purchasers. The decision confirmed the confiscation of the car and the penalties, emphasizing that reliance on prior cases was not applicable to the current circumstances. Case-Laws Customs Tue, 05 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213076