9911796707
TMI Blog2009 (5) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... formation was received that M/s. Unicorp Ltd., Okhla Industrial Area, New Delhi, and other sister concerns, were importing goods at highly over valued prices from certain related companies in Singapore in order to park funds abroad and that in most of the cases goods were never cleared from Customs in spite of payments having already been made outside India. It was found that M/s. Unicorp Industries Ltd. and M/s. Advance Computers Software Pvt. Ltd. were engaged in importing software and hardware (computer parts) from M/s. Freesia Trading Pvt. Ltd., Singapore, and not clearing the same from Customs. All 47 such consignments imported by the above three companies comprised of computer parts, computer peripherals and software. Bills of entry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porter]. The notice was adjudicated by the Commissioner of Customs, who upheld the charge of over invoicing of imported consignments, confiscated the goods under Section 111(d) (m) and imposed penalties of Rs. 10,00,000/- each on M/s. Unicorp Industries Ltd. and M/s. Unicorp Overseas Ltd.; penalty of Rs. 5,00,000/- on M/s. Advance Computers and Software Pvt. Ltd.; and penalties of Rs. 10,00,000/- each of Shri B.B. Gupta, Shri V.P. Gupta, Shri Madan Agarwal and Shri Ashok Sanghi; penalty of Rs. 5,00,000/- on M/s. Air Impex Cargo Agency (CHA); and penalty of Rs. 30,00,000/- on Shri Arun Sogani, Managing Director of M/s. Unicorp Industries Ltd. The appeals before the Tribunal have been filed by two Directors of M/s. Unicorp Industries Ltd. a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dertaken by their Singapore offices; - the imports from Singapore were either directly from M/s. Unicorp Industries (S) Pt. Ltd., (fully owned subsidiary of M/s. Unicorp Industries Ltd) or through M/s. Freesia Trading Pte., Singapore; - the affairs of M/s. Unicorp Industries (S) Pte. Ltd., Singapore were handled by Sh. Amit Jain who also managing the day to day affairs of Freesia Trading Co. - the goods imported from Singapore were generally traded back to the same companies abroad; - M/s. Unicorp Overseas Ltd. at 242-243, Ph-IV, Udyog Vihar, Gurgaon, was floated for servicing the computers supplied by M/s. Unicorp Industries Ltd. as well as from other suppliers; - the clearance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company had to return a lot of money to non-banking financial institutions like L T, Global Trust etc; - the South East Asia crises also played a major role in their financial crises; - the exports suddenly improved during 1997 because the imports were primarily for exporting the goods back and the company got finances from banks against these exports; - M/s. Unicorp Industries (S) Pvt. Ltd. office in Singalpore used to get the orders for export for Unicorp Industries Ltd., Delhi; - the re-imported software of security system was worth 20 to 50 thousands, rupees per piece in India market; - during the visit to Singapore he used to interact with Sh. Amit Jain both for M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sonally responsible for the irregularity which was within his knowledge and the company was working under his guidance, manipulating the banking system and the customs to borrow the money from the banks and parking funds abroad. However, there is nothing on record to show that the company was working under his guidance and the material on record clearly shows that it is Shri Ashok Sanghi under whose guidance the company was working. In the absence of any evidence of his omission or commission of any act so as to render imported goods liable to confiscation, penalty cannot be sustained and I accordingly set aside the same. 5. Penalty has been imposed on the CHA on the ground that he abetted the importers to obtain the loan by giving origin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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