https://www.taxtmi.com/caselaws?id=445728 CESTAT New Delhi dismissed the appeal concerning duty recovery from a surety and penalty imposition. The appellant, a whole-time director, executed a bond as surety for a 100% EOU company that imported goods under customs exemption. When the company failed to achieve Net Foreign Exchange requirements and couldn't pay duties upon de-bonding, CESTAT upheld duty recovery from the appellant as surety only to the extent unrecoverable from the main importer. The tribunal also confirmed Rs. 1,00,000 penalty under section 117 of Customs Act, finding the director responsible for company operations and misleading the department. en-us Mon, 27 Feb 2023 00:00:00 +0530 Sat, 18 Nov 2023 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445728 CESTAT New Delhi dismissed the appeal concerning duty recovery from a surety and penalty imposition. The appellant, a whole-time director, executed a bond as surety for a 100% EOU company that imported goods under customs exemption. When the company failed to achieve Net Foreign Exchange requirements and couldn't pay duties upon de-bonding, CESTAT upheld duty recovery from the appellant as surety only to the extent unrecoverable from the main importer. The tribunal also confirmed Rs. 1,00,000 penalty under section 117 of Customs Act, finding the director responsible for company operations and misleading the department. Case-Laws Customs Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445728