COMMNR. OF CUSTOMS, KOLKATTA vs M/S. GRAND PRIME LTD. .

The Supreme Court upheld the Tribunal's decision allowing the re-export of consignments of tussah silk and silk fabric, valued at Rs. 45,85,291, and set aside penalties imposed under Section 111(d) of the Customs Act, 1962. The Court found that the Tribunal correctly determined that the advance licence was not fraudulently obtained, and thus the importer's actions did not warrant confiscation or penalties. The Court emphasized the importance of adhering to the procedural requirements under the Customs Act in such cases.