https://www.taxtmi.com/caselaws?id=47742 Surrender of REP licences does not by itself discharge liability for breach of an export obligation where imported goods remain unaccounted for and the record supports an inference of wilful default or misutilisation. A fixed export obligation attached to imports under an imprest licence must be actually fulfilled within the stipulated period; mere surrender of replacement licences is not an adequate substitute. On that basis, the fiscal penalty for non-fulfilment and misutilisation was sustained and the challenge to its imposition failed. en-us Thu, 09 Mar 2006 00:00:00 +0530 Fri, 30 Jul 2010 15:59:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=47742 Surrender of REP licences does not by itself discharge liability for breach of an export obligation where imported goods remain unaccounted for and the record supports an inference of wilful default or misutilisation. A fixed export obligation attached to imports under an imprest licence must be actually fulfilled within the stipulated period; mere surrender of replacement licences is not an adequate substitute. On that basis, the fiscal penalty for non-fulfilment and misutilisation was sustained and the challenge to its imposition failed. Case-Laws Customs Thu, 09 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=47742