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2008 (9) TMI 479 - CESTAT, AHMEDABADExport and Import Policy - Special Import Licence investigation revealed that SIL submitted by the said appellant were defaced and cancelled by the DGFT authorities on the request of the actual owner of the respective SILs. - The bonafide purchaser of the same cannot be deprived of any benefits arising out of the said licences, when on the face of the said licences there is no indication of the same having been cancelled. The licence is a documentary evidence and are admittedly freely transferable in the market. The investigations conducted at each and every level showed that neither of the persons was aware of the fact of cancellation, if at all. Not only licence numbers were appearing in the list of validly issued licences in the monthly bulletin published by DGFT, there was no indication, whatsoever to show that the licences were cancelled. transferee held to be bonafide purchaser of licence for valuable consideration Extended period could not be invoke against purchaser held that transferee was not liable to penalty appellant is entitled to clearance of the goods thereunder as the bona fide transferee of the licences for valuable consideration Though they are goods for purpose of sales tax and are transferable, rights of transferee can be decided without refrence to Negotiable Instruments Act, 1881 - Commissioner further holds that the transfer letters are forged - No format of a transfer letter has been prescribed in any statute. It is a creation of trade and commerce In absence of definition of forgery in Cusotms Act, 1962, definition in Section 463 of Indian Penal Code, 1860 can be used regarding the submission of the Revenue that the original licences surrendered to the DGFT were lost/stolen, Even if the licences were destroyed post utilisation, that by itself cannot, and will not incriminate him, for the reason that once the licences are fully utilised and the exchange control copies submitted to the bank for debiting the same, no purpose is served by keeping/retaining utilised/expired licences.
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