Relief for India Cements: CESTAT Holds Innocent Buyers Cannot Be Denied DEPB Scrip Benefits for Fraudulently Obtained Licences Unless Cancelled by DGFT

The CESTAT has held that "innocent buyers cannot be denied DEPBs benefits" for "fraudulently obtained licenses" unless canceled by the DGFT. The tribunal's decision provides a significant victory for the company. The ruling clarifies that a tax authority cannot deny a person a benefit if it is for a valid reason. The court's decision is a crucial reminder to all that they must be diligent in their dealings.