In case of confiscated goods assessee liable to pay duty only if he exercise option to redeem – SC

Brief Facts of the case The appellant is the successor of M/s.Wockhardt Hospital and Heart Institute (referred to as the ‘Institute’ hereinafter) had a hospital at Bangalore. In the year 1990, the said Institute imported a Cardiac Catherization Laboratory (known as Angiography system) with its spares/accessories. The said Institute applied for exemption from payment of import duty taking shelter under the Notification no. 64/88-Cus dated 01.03.1988. This notification provides for exemption on medical equipment imported against Custom Duty Exemption Certificate issued by the Directo...