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2015 (9) TMI 1316 - AT - CustomsDuty Entitlement Pass Book - Use of forged DEPB – Extended period of limitation – it was contended that, they are bonafide purchaser of the DEPB scrips from the open market, as per the provisions of the Policy and payment was made by cheques. There is no material available of fraud, collusion etc against the Importer and therefore, the extended period of limitation cannot be invoked. - Held that:- No dispute that, appellant availed credit on basis of said DEPB scrip, which was issued by Customs authorities – Thus, at time of import of goods, DEPB scrips were not found forged – Importer imported goods on basis of documents, which were valid at time of importation and therefore, such document was valid, till it was not set-aside – Thus, extended period cannot be invoked – Demand of duty along with interest was not sustainable as barred by limitation – No material available that appellant abetted exporter for their gain and therefore, it would not come within ambit of imposition of penalty – Therefore, demand of duty along with interest and penalty being barred by limitation, hereby set aside – Decided in favour of Assesse.
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