https://www.taxtmi.com/caselaws?id=753145 Strict compliance with duty credit scrip conditions is required for customs exemption, including production of the original scrip before the proper officer and verification of genuineness before clearance. Where an importer relies on a fraudulently re-registered scrip without obtaining or producing the physical instrument, the exemption fails and the customs duty, interest and confiscation consequences are sustained. For penalties, actual knowledge of the fraud is not essential if the importer failed to take reasonable precautions, did not verify the instrument, and claimed exemption without establishing valid entitlement. In that setting, caveat emptor applies and penal liability under the Customs Act may still follow. en-us Wed, 22 May 2024 00:00:00 +0530 Mon, 27 May 2024 08:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753145 Strict compliance with duty credit scrip conditions is required for customs exemption, including production of the original scrip before the proper officer and verification of genuineness before clearance. Where an importer relies on a fraudulently re-registered scrip without obtaining or producing the physical instrument, the exemption fails and the customs duty, interest and confiscation consequences are sustained. For penalties, actual knowledge of the fraud is not essential if the importer failed to take reasonable precautions, did not verify the instrument, and claimed exemption without establishing valid entitlement. In that setting, caveat emptor applies and penal liability under the Customs Act may still follow. Case-Laws Customs Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753145