https://www.taxtmi.com/caselaws?id=218251 Duty foregone could not be recovered from a transferee-importer who had used DEPB scrips purchased in good faith, because the scrips were valid when relied on and were cancelled only later after fraud by the original holder came to light. Where the transferee was neither involved in nor aware of the fraud, its bona fide rights could not be defeated merely by the later cancellation of the licences. On the same facts, the ingredients for extended limitation were absent, as there was no misstatement, suppression, or collusion attributable to the transferee. The extended period under the Customs Act was therefore not invocable. en-us Mon, 26 Dec 2011 00:00:00 +0530 Fri, 12 Oct 2012 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218251 Duty foregone could not be recovered from a transferee-importer who had used DEPB scrips purchased in good faith, because the scrips were valid when relied on and were cancelled only later after fraud by the original holder came to light. Where the transferee was neither involved in nor aware of the fraud, its bona fide rights could not be defeated merely by the later cancellation of the licences. On the same facts, the ingredients for extended limitation were absent, as there was no misstatement, suppression, or collusion attributable to the transferee. The extended period under the Customs Act was therefore not invocable. Case-Laws Customs Mon, 26 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218251