https://www.taxtmi.com/caselaws?id=332513 Bona fide transferees of DEPB licences were protected where they purchased the scrips for value and used them for import before any cancellation or adverse action. The Tribunal applied the principle that a licence obtained by fraud is voidable, not void, and remains effective until avoided in law; it also treated the transferees as good-faith purchasers without notice. Because the licences were valid at the time of clearance, the later discovery of fraud by the original holders did not retrospectively invalidate the imports. The demand of customs duty, confiscation and penalties against the transferees was therefore not sustainable and was set aside. en-us Thu, 25 Aug 2016 00:00:00 +0530 Sat, 17 Sep 2016 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332513 Bona fide transferees of DEPB licences were protected where they purchased the scrips for value and used them for import before any cancellation or adverse action. The Tribunal applied the principle that a licence obtained by fraud is voidable, not void, and remains effective until avoided in law; it also treated the transferees as good-faith purchasers without notice. Because the licences were valid at the time of clearance, the later discovery of fraud by the original holders did not retrospectively invalidate the imports. The demand of customs duty, confiscation and penalties against the transferees was therefore not sustainable and was set aside. Case-Laws Customs Thu, 25 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332513