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5.8 In case Aafloat Textile (I) Pvt. Ltd. [2009 (235) E.L.T. 587 (S.C.)] relied upon by the Commissioner (Appeals), Hon'ble Supreme Court has held as follows :

"19. It was for the buyer to establish that he had no knowledge about the genuineness or otherwise of the SIL in question.
20. The maxim caveat emptor is clearly applicable to a case of this nature. As per Advanced Law Lexicon by P. Ramanatha Aiyar, 3rd Edn. 2005 at page 721 : Caveat emptor means "Let the purchaser beware." It is one of the settled maxims, applying to a purchaser who is bound by actual as well as constructive knowledge of any defect in the thing purchased, which is obvious, or which might have been known by proper diligence.