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2011 (2) TMI 545 - HC - CustomsPenalty - forged and fabricated licences - Based on the enquiries as conducted by the Department and also the statements of Manikchand Lalchand Tarker and Gautam Chaterjee and others, the Adjudicating Authority came to the conclusion that there were as many as 12 bogus advance licences registered at the Custom House against which TRAs had been issued in favour of number of importers including the appellants - The fact that no enquiry regarding the normal premium was made by the Department cannot justify the appellant’s stand of having purchased the advance licences bona fide at such a low price - This case related to fulfilling of certain export obligations under the licence and it was recorded, as a matter of fact, that the raw materials imported by the licence holders were sold before fulfilling the export obligations under the licence and that even the export proceeds had not been realized - Decided against the assessee
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