https://www.taxtmi.com/caselaws?id=332515 A DEPB scrip is a time-bound fiscal benefit and, once its validity expires, it ceases to have operative legal value. The power to suspend or cancel a licence under Section 9(4) of the Foreign Trade (Development and Regulation) Act, 1992 does not permit retrospective cancellation of an instrument that has already expired in law and in practice absent express statutory authority. On that basis, cancellation of the DEPB after expiry was held illegal, and the penalty imposed consequentially was unsustainable. en-us Wed, 17 Aug 2016 00:00:00 +0530 Tue, 10 Jan 2017 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332515 A DEPB scrip is a time-bound fiscal benefit and, once its validity expires, it ceases to have operative legal value. The power to suspend or cancel a licence under Section 9(4) of the Foreign Trade (Development and Regulation) Act, 1992 does not permit retrospective cancellation of an instrument that has already expired in law and in practice absent express statutory authority. On that basis, cancellation of the DEPB after expiry was held illegal, and the penalty imposed consequentially was unsustainable. Case-Laws Customs Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332515