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2015 (11) TMI 1024 - AT - CustomsDuty demand - Fraudulent DEPB Benefit availed by the seller of DEPB - Appellant which is a SEZ Unit, purchased DEPB scrips on payment of valuable consideration and it was valid document at time of import. - Invocation of extended period of limitation - Held that:- DEPB scrip/licence had been issued by the DGFT, against the export of goods, produced by the exporter. The appellants purchased DEPB scrips on payment of valuable consideration and it was valid document at time of import. There is neither any allegation nor evidence that the appellants were aware of the fraud committed by the exporter M/s. Trisuns. The goods were imported in the year 2000 and DEPB scrip was cancelled only on 28.01.2010. DEPB scrips issued by DGFT is itself genuine, at the time of import and valid till it is set-aside transaction on the basis said document was good and it is good title to holder for valuable consideration and the rights of such third party are required to be protected - demand of duty for the extended period of limitation cannot be sustained and therefore, the imposition of penalty would not be warranted - Decided in favour of assessee.
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