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2018 (1) TMI 775 - AT - CustomsCancellation of DEPB Scrips - denial of benefit on the ground that it was subsequently found that the said Exim International had obtained DEPB scrips fraudulently on the basis of fake documents - Held that: - There is no allegation that the appellants have colluded in any manner with Exim International in the fraud committed by the latter for obtaining the DEPB scrips. The appellants have purchased the scrips in a bonafide manner and with bonafide belief that they were genuine and valid - similar issue decided in the case of CC, Amritsar Vs. Vallabh Design Products [2007 (4) TMI 274 - PUNJAB & HARYANA HIGH COURT], where it was held that in the case of DEPB scrips obtained by fraud and forgery and where the transferee of these scrips are not a party to the fraud and were obtained on payment of full price from the open market on bonafide belief, the transferee is not liable to duty, penalty and interest - appeal allowed - decided in favor of appellant.
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