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2011 (7) TMI 997 - AT - CustomsRedemption fine for violation of the provisions of Sections 111(m) and 111(o) of the Customs Act, 1962 – importation of the car - mis-declaring the model No. of the car – Held that:- appellants themselves have arranged the loan for the car and were having possession of the car under lease agreement as the vehicle imported under Transfer of Residence scheme are not allowed to be sold for two years. When the appellants are in possession of the car and arranged loan for the importation of the car, the appellants are the owner of the car and there is violation of Transfer of Residence scheme in the purchase of the car within two years of the importation. Therefore, it cannot be held that the appellants are bona fide purchaser of the car. car is liable to be confiscated. redemption fine reduced.
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