Customs Penalty on VABL License Holder Quashed Due to Lack of Forgery Evidence

Lark Chemicals Private Limited Vs Commissioner of Customs (General) (CESTAT Mumbai) Conclusion: Customs Penalty on VABL License Holders was quashed as DGFT Licensing Authorities were unable to unveil no forgery or misuse. There was no indication of action for cancellation having taken by DGFT authorities or any information provided by Revenue that an action was later taken by DGFT authorities. Held: Assessee-company had purchased Value Based Advance Licenses (VABAL)from the original license holder namely M/s Robinson. The said VABAL licenses were issued in terms of Notification No. 203/92-Cus....