TaxTMI 
TaxTMI 
1989 (6) TMI 216
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..... [Oral Judgment]. - On 7th January 1982 an R.E.P. import licence was issued to M/s. Hindustan Trading Company. The licence was endorsed, inter alia, for Mono, Di and Tri-Ethanolamine. It is the petitioners' case that the said licence was purchased by them from M/s. Hindustan Trading Company on 1st September 1982. The petitioners placed an indent on 17th September 1982 on the foreign suppliers ....
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....so but it did not, in fact, return the said licence. A reminder was issued on 19th November 1982. This also not having been complied with, a notice was issued to it on 24th November 1982 to show-cause why the said licence should not be cancelled because the goods could not be used directly in the cultivation of vegetables. On 8th December 1982 the said licence was suspended by the J.C.C.I.E., Bomb....
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....the opening of the letters of credit. 5. The petition does mention the dates on which the bills of entry were filed and those are prior to the date on which the said licence was suspended. This indicates a bona fide transfer. This was a freely transferable licence and the conclusion of fraud cannot be easily drawn. Fraud would have to be established. And, even if established, the principle that w....