Commissioner Of Customs, Mumbai vs M/S. Virgo Steels, Bombay & Anr

The Supreme Court ruled that M/s. Virgo Steels contravened the Customs Act, 1962 by importing steel duty-free after the abandonment of the ACC project, thus making them liable for duty and penalties. The Court upheld the Collector of Customs' decision to impose a duty of Rs. 1,50,11,858/- on Virgo Steels and a penalty of Rs. 5 lacs on both Virgo Steels and ACC for abetting the illegal import. The judgment emphasized the importance of compliance with the terms of the Deemed Export Scheme under Notification No.210/82, reinforcing the legal principle that parties must adhere to statutory requirements to benefit from exemptions.