https://www.taxtmi.com/caselaws?id=46948 The High Court upheld the penalty imposed on the petitioners for illegally disposing of imported goods under an advance license. The court directed the petitioners to deposit Rs. 12.5 lakhs and furnish a bank guarantee for the same amount. Considering the petitioners' fulfillment of export obligations, the court restricted the penalty to Rs. 12.5 lakhs with accrued interest, to be handed over to the Director General of Foreign Trade. The deposited amount was transferred to the Director General, the bank guarantee was canceled, and the petition was disposed of with no costs awarded. en-us Tue, 02 Dec 2003 00:00:00 +0530 Mon, 26 Jul 2010 11:05:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46948 The High Court upheld the penalty imposed on the petitioners for illegally disposing of imported goods under an advance license. The court directed the petitioners to deposit Rs. 12.5 lakhs and furnish a bank guarantee for the same amount. Considering the petitioners' fulfillment of export obligations, the court restricted the penalty to Rs. 12.5 lakhs with accrued interest, to be handed over to the Director General of Foreign Trade. The deposited amount was transferred to the Director General, the bank guarantee was canceled, and the petition was disposed of with no costs awarded. Case-Laws Customs Tue, 02 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46948