https://www.taxtmi.com/caselaws?id=165662 The court upheld the authorities' decision that the imported goods were not covered by firm commitments through irrevocable letters of credit, as an amendment to the letters of credit signified a new commitment, rendering the import unauthorized. The penalties imposed on the petitioners were deemed excessive and lacking justification, leading to a substantial reduction in fines. The judgment provided a detailed analysis and modification of the penalties, granting the petitioners consequential relief. en-us Tue, 30 Sep 1980 00:00:00 +0530 Wed, 06 Aug 2014 10:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165662 The court upheld the authorities' decision that the imported goods were not covered by firm commitments through irrevocable letters of credit, as an amendment to the letters of credit signified a new commitment, rendering the import unauthorized. The penalties imposed on the petitioners were deemed excessive and lacking justification, leading to a substantial reduction in fines. The judgment provided a detailed analysis and modification of the penalties, granting the petitioners consequential relief. Case-Laws Customs Tue, 30 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165662