https://www.taxtmi.com/caselaws?id=46854 Where imported goods are provisionally cleared for home consumption on execution of a bond under Section 143(1) of the Customs Act and the bond conditions are fulfilled within time, Section 143(2) requires cancellation of the bond and prevents later penalty action. The Court stated that although penalty under Section 112 is not confined to physically available goods, the department cannot commence confiscation or penalty proceedings after the bonded obligation has been duly complied with and no steps were taken to enforce the bond. In that situation, proceedings under Sections 111 and 112 on the basis of the earlier provisional clearance are not maintainable. en-us Tue, 04 Aug 1992 00:00:00 +0530 Tue, 07 Dec 2021 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46854 Where imported goods are provisionally cleared for home consumption on execution of a bond under Section 143(1) of the Customs Act and the bond conditions are fulfilled within time, Section 143(2) requires cancellation of the bond and prevents later penalty action. The Court stated that although penalty under Section 112 is not confined to physically available goods, the department cannot commence confiscation or penalty proceedings after the bonded obligation has been duly complied with and no steps were taken to enforce the bond. In that situation, proceedings under Sections 111 and 112 on the basis of the earlier provisional clearance are not maintainable. Case-Laws Customs Tue, 04 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46854