https://www.taxtmi.com/caselaws?id=244968 The Tribunal upheld the duty demanded but set aside the fine and penalty in a case involving the demand and recovery of duty forgone using fraudulent DEPB scrips. The waiver of penalty imposed on the importer was challenged by the Revenue, arguing the extended period under Section 28 of the Customs Act could be invoked due to fraudulent DEPB scrips. The majority order rejected appeals by both parties, concluding the transferee could be held liable for the transferor's fraud, invoking the extended period for recovery. Transferees were required to exercise due diligence and could not claim superior rights over the transferor. en-us Mon, 21 Oct 2013 00:00:00 +0530 Wed, 20 May 2015 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244968 The Tribunal upheld the duty demanded but set aside the fine and penalty in a case involving the demand and recovery of duty forgone using fraudulent DEPB scrips. The waiver of penalty imposed on the importer was challenged by the Revenue, arguing the extended period under Section 28 of the Customs Act could be invoked due to fraudulent DEPB scrips. The majority order rejected appeals by both parties, concluding the transferee could be held liable for the transferor's fraud, invoking the extended period for recovery. Transferees were required to exercise due diligence and could not claim superior rights over the transferor. Case-Laws Customs Mon, 21 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244968