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2016 (9) TMI 621 - HC - CustomsConfiscation of consignments - Section 111(o) of the Customs Act, 1962 - imposition of penalties - exemption notification No. 111/95-Cus., dated 5.6.1995 - a self contained code - sub-section (1) of Section 25 of the Customs Act, 1962 - sub-section (2A) of Section 25 of the Customs Act, 1962 - assets of the respondent-company were taken over by the financial institution and sold, is under challenge - closure of respondent's business - Held that: - the decision in the case Commissioner of Central Excise, Nagpur v. Vidarbha Veneer Industries Ltd. and others [2016 (8) TMI 707 - SUPREME COURT] is followed - appeal disposed off with liberty to the department to get the same revived, in case the respondent-company succeeds in challenge to the sale of assets and revives its business.
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