https://www.taxtmi.com/caselaws?id=334891 A second-hand yacht imported for personal use was treated as a restricted second-hand good under the Foreign Trade Policy because it was not second-hand capital goods. Import without the required authorisation rendered it liable to confiscation, and the chapter note on import of ships, vessels and boats without licence did not assist because the yacht was neither new nor imported for breaking. On parity with comparable yacht-import precedent, the redemption fine and penalty were found excessive and reduced. en-us Mon, 11 Jul 2016 00:00:00 +0530 Wed, 04 Jan 2017 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334891 A second-hand yacht imported for personal use was treated as a restricted second-hand good under the Foreign Trade Policy because it was not second-hand capital goods. Import without the required authorisation rendered it liable to confiscation, and the chapter note on import of ships, vessels and boats without licence did not assist because the yacht was neither new nor imported for breaking. On parity with comparable yacht-import precedent, the redemption fine and penalty were found excessive and reduced. Case-Laws Customs Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334891