Penalty Reduced for IEC Code Misuse; Fine Cut from Rs. 12 Lakhs to Rs. 50,000 u/s 112(a).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of penalty of IEC code holder and middleman - Allowing third party to use its IEC code - Bonafide Belief - Misdeclaration of imported goods by third party - There is no active role played by these appellants save and except facilitating the use of IEC code by another for some monetary consideration - the penalty of Rs. 12 lakhs u/s 112(a) is reduced to Rs.50,000/- - AT....