2006 (4) TMI 377

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....or General of Foreign Trade. It may be mentioned here that DEPB Scrips are transferable and are freely available in the market for being bought and sold against consideration. 2. On the basis of the above DEPB Scrips, appellant imported dry fruits and Almonds in or around November and December, 2000. The Bills of Entries filed by them were duly assessed and goods cleared for home consumption by the Customs authorities without raising any objection. 3. However, subsequently based upon some intelligence reports, investigations were made as regards procurement of DEPB Scrips by M/s. Parker and based upon the investigation, proceedings were initiated alleging fraudulent obtaining of the said scrips by M/s. Parker. Inasmuch as, out o....

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....ohan Jaikar, ld. Advocate and Shri S.M. Tata, ld. SDR, we find that the Hon'ble Supreme Court in the case of Union of India v. Sampatraj Dugar [1992 (58) E.L.T. 163 (S.C.)] has held that cancellation of Import Licence cannot be held to be retrospective and cannot be pressed into service when the same was valid at the time of importation of the goods. To the similar effect is another decision of the Hon'ble Supreme Court in the case of Collector of Customs, Bombay v. Sneha Sales Corporation [2000 (121) E.L.T. 577 (S.C.)] laying down that Import licence having been cancelled after import and clearance of goods, import cannot be said to be in contravention of the provisions of Imports and Exports (Control) Act, 1947. In the case of Taparia Ove....