https://www.taxtmi.com/caselaws?id=243467 Paragraph 1.5 of Chapter 1A of the Foreign Trade Policy, 2004-09 protected an import of sandalwood where the commercial transaction had been concluded before the later restriction came into force. The proforma invoice and remittance dated 30.03.2006, together with the customs invoice, bill of lading, phytosanitary certificate and exporter's confirmation, showed a firm pre-restriction commitment. An irrevocable letter of credit was not ative where the earlier conclusion of the transaction was otherwise established. The saving provision therefore applied, and confiscation, redemption fine and penalty were unsustainable. en-us Fri, 29 Nov 2013 00:00:00 +0530 Mon, 28 Apr 2014 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243467 Paragraph 1.5 of Chapter 1A of the Foreign Trade Policy, 2004-09 protected an import of sandalwood where the commercial transaction had been concluded before the later restriction came into force. The proforma invoice and remittance dated 30.03.2006, together with the customs invoice, bill of lading, phytosanitary certificate and exporter's confirmation, showed a firm pre-restriction commitment. An irrevocable letter of credit was not ative where the earlier conclusion of the transaction was otherwise established. The saving provision therefore applied, and confiscation, redemption fine and penalty were unsustainable. Case-Laws Customs Fri, 29 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243467