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2011 (5) TMI 683 - CESTAT, MUMBAI
Benefit under tainted DEPB scrips was claimed – confiscation - redemption fine - Penalty under Sec.114A of the Act - Importer who steps into the shoes of seller of forged document does not stand on better footing and cannot be allowed to retain benefit illegally obtained - Taint attaching to the document on the basis of which benefit is taken is not washed of. Fraud or suppression continues if document is not genuine. - Decided against the assessee.
Penalty on employees of M/s. Apar Ltd - presumption - scrips were purchased from the market at a less premium which was prevalent at the time, therefore, it is evident that they were aware that the scrips were not genuine - this finding is only on presumption. - penalties on these three appellants set aside