https://www.taxtmi.com/caselaws?id=49800 The Tribunal ruled in favor of the appellant in a dispute over the import of second-hand machinery without a specific import license. The appellant, who later obtained the required license, successfully argued against the confiscation and penalty imposed, citing the subsequent regularization under the license. The Tribunal found the initial confiscation unjustified after considering the valid import license produced and adjusted the valuation of the goods by granting additional depreciation. Consequently, the confiscation and penalty were set aside, with instructions for reassessment and potential refunds to the appellant. en-us Thu, 10 Feb 2000 00:00:00 +0530 Tue, 17 Aug 2010 15:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49800 The Tribunal ruled in favor of the appellant in a dispute over the import of second-hand machinery without a specific import license. The appellant, who later obtained the required license, successfully argued against the confiscation and penalty imposed, citing the subsequent regularization under the license. The Tribunal found the initial confiscation unjustified after considering the valid import license produced and adjusted the valuation of the goods by granting additional depreciation. Consequently, the confiscation and penalty were set aside, with instructions for reassessment and potential refunds to the appellant. Case-Laws Customs Thu, 10 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49800