2014 (5) TMI 1038 - SCH - Customs

Imposition of penalty - forged and fabricated licences - Supreme Court dismissed the appeal filed by the assessee against the decision of Delhi High Court 2011 (2) TMI 545 - DELHI HIGH COURT wherein High Court held that the fact that no enquiry regarding the normal premium was made by the Department cannot justify the appellant s stand of having purchased the advance licences bona fide at such a low price - This case related to fulfilling of certain export obligations under the licence and it was recorded as a matter of fact that the raw materials imported by the licence holders were sold before fulfilling the export obligations under the licence and that even the export proceeds had not been realized.

Summary

The Supreme Court dismissed the appeal in the case with citation 2014 (5) TMI 1038 - SC. Justices H.L. Dattu, M.Y. Eqbal, and S.A. Bobde were part of the judgment.