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2016 (2) TMI 387 - AT - CustomsDemand of duty - Import of fake / forged DEPB licences - Appellant purchased the DEPB licneces from the market - Levy of interest and penalty - Held that:- The Hon'ble Apex court has clearly laid down and discussed the issue what is "Fraud" and "Caveat Emptor" and clearly held that buyer has no remedy against the seller and takes all risks of defect and clearly held that appellant, buyer of the licence has to establish that he made enquiry and took requisite precautions to find out the genuineness of the licence which he purchased and the apex court said that if he has not done so, the consequences had to follow. Appellants filing F.I.R after the fraud was detected by the Department is of no consequence and it is only an afterthought to save their lapses. Therefore the apex court's decision in Aafloat Textiles case [2009 (2) TMI 75 - SUPREME COURT] is clearly applicable to the present case and the appellant's contention that above Supreme Court judgement is per incurium is not acceptable. The goods were cleared by the appellant by forged/fake DEPB licences and forged TRAs - Demand of duty confirmed - though penalty waived - Decided against the appellant.
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