https://www.taxtmi.com/caselaws?id=44351 The court ruled in favor of the customs authorities regarding the validity of the import license and nature of the imported goods, directing a show-cause notice for confiscation and penalty. Various claims on the sale proceeds were made by different parties, with the court honoring claims by the Madras Port Trust and the Income Tax department. The court also directed an investigation by the Reserve Bank of India into the conduct of Lakshmi Vilas Bank officials and issued notices to individuals for alleged fraud, emphasizing further inquiry by relevant authorities. en-us Fri, 11 Oct 1996 00:00:00 +0530 Fri, 25 Jun 2010 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44351 The court ruled in favor of the customs authorities regarding the validity of the import license and nature of the imported goods, directing a show-cause notice for confiscation and penalty. Various claims on the sale proceeds were made by different parties, with the court honoring claims by the Madras Port Trust and the Income Tax department. The court also directed an investigation by the Reserve Bank of India into the conduct of Lakshmi Vilas Bank officials and issued notices to individuals for alleged fraud, emphasizing further inquiry by relevant authorities. Case-Laws Customs Fri, 11 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44351