https://www.taxtmi.com/caselaws?id=380353 Imported shafts were required to be assessed in the form in which they were presented, and the Tribunal found that the lower authorities had not properly examined whether they were parts of centrifugal pumps rather than restricted transmission shafts. It also applied the Foreign Trade Policy transitional protection for imports shipped within the original validity of an irrevocable commercial letter of credit established before a later restriction. On that basis, the classification adopted by customs, the import restriction, and the resulting confiscation and penalty were held unsustainable. en-us Fri, 17 May 2019 00:00:00 +0530 Tue, 25 Feb 2020 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380353 Imported shafts were required to be assessed in the form in which they were presented, and the Tribunal found that the lower authorities had not properly examined whether they were parts of centrifugal pumps rather than restricted transmission shafts. It also applied the Foreign Trade Policy transitional protection for imports shipped within the original validity of an irrevocable commercial letter of credit established before a later restriction. On that basis, the classification adopted by customs, the import restriction, and the resulting confiscation and penalty were held unsustainable. Case-Laws Customs Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380353