Supreme Court of India
M/s. Taarika Exports and Anr. v. Union of India and Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that A penalty of Rs.20 lakhs instead of Rs.45 lakhs would meet the ends of justice.
Judgment, page 8
From the headnote
Import and Exports (Control) Act, 1947-S 4-I(l) Liability of penalty- Issuance of advance licence for import free of customs duty-Non-compliance of export obligation under the licence as well as mis-utilization of goods- Imposition of penalty-Correctness of-Held: There was infractions of conditions imposed under the licence-Also plea that conditions were uncapable of compliance were at variance, as such liable to pay penalty Thus, order of Authorities below and the High Court calls for no interference- However, considering the value of articles, penalty reduced from Rs. 45 lakhs nto Rs. 20
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