https://www.taxtmi.com/caselaws?id=761155 Fraudulent DEPB scrips and TRAs conferred no lawful benefit, so customs duty and interest on imports cleared against those documents were sustained. The Court also upheld penalty on the mastermind, sustained reduced penalties on traders and brokers involved in circulating the forged instruments, and restored penalty against importers to 50% after holding that complete deletion was unwarranted where they had failed to exercise due diligence and benefited from the fraud. A settlement order obtained by one co-noticee under the Customs Act did not extend derivative immunity to other noticees who had not approached the Settlement Commission, as settlement operates only for the applicant's own case unless the statute provides otherwise. en-us Wed, 30 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761155 Fraudulent DEPB scrips and TRAs conferred no lawful benefit, so customs duty and interest on imports cleared against those documents were sustained. The Court also upheld penalty on the mastermind, sustained reduced penalties on traders and brokers involved in circulating the forged instruments, and restored penalty against importers to 50% after holding that complete deletion was unwarranted where they had failed to exercise due diligence and benefited from the fraud. A settlement order obtained by one co-noticee under the Customs Act did not extend derivative immunity to other noticees who had not approached the Settlement Commission, as settlement operates only for the applicant's own case unless the statute provides otherwise. Case-Laws Customs Wed, 30 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761155