https://www.taxtmi.com/caselaws?id=53302 A bona fide import under a concluded pre-restriction contract was treated as outside the mischief of a later restrictive policy change. The absence of an irrevocable letter of credit, by itself, did not establish contravention of the import policy where the contract had already been entered into in good faith and no antedating, fraud, or mala fides was shown. The commentary also notes that the floor-price restriction was aimed at preventing post-notification arrangements, not invalidating genuine pre-notification commitments. On that reasoning, confiscation under section 111(d) of the Customs Act and the associated redemption fine were not sustainable. en-us Fri, 10 Sep 2004 00:00:00 +0530 Tue, 12 Oct 2010 14:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53302 A bona fide import under a concluded pre-restriction contract was treated as outside the mischief of a later restrictive policy change. The absence of an irrevocable letter of credit, by itself, did not establish contravention of the import policy where the contract had already been entered into in good faith and no antedating, fraud, or mala fides was shown. The commentary also notes that the floor-price restriction was aimed at preventing post-notification arrangements, not invalidating genuine pre-notification commitments. On that reasoning, confiscation under section 111(d) of the Customs Act and the associated redemption fine were not sustainable. Case-Laws Customs Fri, 10 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53302