https://www.taxtmi.com/caselaws?id=166276 A transferee of a transferable advance licence was held entitled to duty exemption under Notification No. 203/92-Cus. where the licensing authority had endorsed transferability; Customs could not disregard that endorsement or deny the benefit on the basis of an alleged breach by the original licensee. Subsequent cancellation of the licence did not retrospectively defeat imports made while the licence remained in force, and reversal of Modvat credit was treated as curing the stated breach. The Tribunal also accepted that imported copper wire bars fell within the licence coverage as inputs required for manufacture of the export product, and it found no sufficient basis to reject the declared transaction value. Enhanced valuation, confiscation and penalty were therefore not sustained, save for limited re-adjudication on any excess-value component. en-us Fri, 07 Feb 1997 00:00:00 +0530 Fri, 12 Sep 2014 10:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166276 A transferee of a transferable advance licence was held entitled to duty exemption under Notification No. 203/92-Cus. where the licensing authority had endorsed transferability; Customs could not disregard that endorsement or deny the benefit on the basis of an alleged breach by the original licensee. Subsequent cancellation of the licence did not retrospectively defeat imports made while the licence remained in force, and reversal of Modvat credit was treated as curing the stated breach. The Tribunal also accepted that imported copper wire bars fell within the licence coverage as inputs required for manufacture of the export product, and it found no sufficient basis to reject the declared transaction value. Enhanced valuation, confiscation and penalty were therefore not sustained, save for limited re-adjudication on any excess-value component. Case-Laws Customs Fri, 07 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166276