https://www.taxtmi.com/caselaws?id=30485 A transitional import-policy protection applied where natural rubber was shipped under an irrevocable letter of credit opened before the restriction date. The decisive date for that protection was the expiry of the letter of credit, not the earlier shipment-date validity noted by the Commissioner. Because the shipment took place before expiry of the letter of credit and before the import restriction took effect, the goods were not covered by the subsequent restriction. The confiscation order and consequential penalty were therefore set aside, and the import was treated as protected under para 1.5 of the Import-Export Policy. en-us Wed, 27 Feb 2008 00:00:00 +0530 Sat, 30 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30485 A transitional import-policy protection applied where natural rubber was shipped under an irrevocable letter of credit opened before the restriction date. The decisive date for that protection was the expiry of the letter of credit, not the earlier shipment-date validity noted by the Commissioner. Because the shipment took place before expiry of the letter of credit and before the import restriction took effect, the goods were not covered by the subsequent restriction. The confiscation order and consequential penalty were therefore set aside, and the import was treated as protected under para 1.5 of the Import-Export Policy. Case-Laws Customs Wed, 27 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30485