TaxTMI 
TaxTMI 
2009 (5) TMI 851
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....o park funds abroad and that in most of the cases goods were never cleared from Customs in spite of payments having already been made outside India. It was found that M/s. Unicorp Industries Ltd. and M/s. Advance Computers & Software Pvt. Ltd. were engaged in importing software and hardware (computer parts) from M/s. Freesia Trading Pvt. Ltd., Singapore, and not clearing the same from Customs. All 47 such consignments imported by the above three companies comprised of computer parts, computer peripherals and software. Bills of entry were found to have been filed, in some cases, with a declared FOB value of 25 crores. Shri Arun Sogani, Managing Director of M/s. Unicorp Industries Ltd., was managing all the three companies either as Managing ....
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....10,00,000/- each on M/s. Unicorp Industries Ltd. and M/s. Unicorp Overseas Ltd.; penalty of Rs. 5,00,000/- on M/s. Advance Computers and Software Pvt. Ltd.; and penalties of Rs. 10,00,000/- each of Shri B.B. Gupta, Shri V.P. Gupta, Shri Madan Agarwal and Shri Ashok Sanghi; penalty of Rs. 5,00,000/- on M/s. Air Impex Cargo Agency (CHA); and penalty of Rs. 30,00,000/- on Shri Arun Sogani, Managing Director of M/s. Unicorp Industries Ltd. The appeals before the Tribunal have been filed by two Directors of M/s. Unicorp Industries Ltd. as well as its Company Secretary and by the CHA. 2. I have heard both sides Penalty has been imposed on Shri B.B. Gupta, who was looking after the work relating to import, such as, filing of bill of entry,....
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....ndustries Ltd) or through M/s. Freesia Trading Pte., Singapore; - the affairs of M/s. Unicorp Industries (S) Pte. Ltd., Singapore were handled by Sh. Amit Jain who also managing the day to day affairs of Freesia Trading Co. - the goods imported from Singapore were generally traded back to the same companies abroad; - M/s. Unicorp Overseas Ltd. at 242-243, Ph-IV, Udyog Vihar, Gurgaon, was floated for servicing the computers supplied by M/s. Unicorp Industries Ltd. as well as from other suppliers; - the clearance of the imported goods from customs was done against yellow bills of entry for warehousing, the goods were warehoused and then re-exported back to Unicorp Indus(S) Pte. Ltd. ....
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.... Asia crises also played a major role in their financial crises; - the exports suddenly improved during 1997 because the imports were primarily for exporting the goods back and the company got finances from banks against these exports; - M/s. Unicorp Industries (S) Pvt. Ltd. office in Singalpore used to get the orders for export for Unicorp Industries Ltd., Delhi; - the re-imported software of security system was worth 20 to 50 thousands, rupees per piece in India market; - during the visit to Singapore he used to interact with Sh. Amit Jain both for M/s. Unicorp Industries (S) Pvt. Ltd. and Freesia Trading Pvt. Ltd.; - the major consideration for exporting to its ow....
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....uidance, manipulating the banking system and the customs to borrow the money from the banks and parking funds abroad. However, there is nothing on record to show that the company was working under his guidance and the material on record clearly shows that it is Shri Ashok Sanghi under whose guidance the company was working. In the absence of any evidence of his omission or commission of any act so as to render imported goods liable to confiscation, penalty cannot be sustained and I accordingly set aside the same. 5. Penalty has been imposed on the CHA on the ground that he abetted the importers to obtain the loan by giving original Bills of Entry to the importers who used the same for parking funds abroad. The finding of the Commis....