https://www.taxtmi.com/caselaws?id=81808 A firm import contract for a second-hand offset printing machine, supported by an irrevocable letter of credit and timely registration with the foreign exchange bank, remained protected under Para 7 of Appendix 10 of Import Policy AM 82-83. The later shipment date did not defeat that protection because the contract terms were otherwise unchanged and time was not shown to be of the essence. Since Para 7 expressly allowed shipment up to 31-3-1984 in pursuance of such a registered contract, the subsequent removal of the item from Open General Licence under a later policy could not override the earlier accrued entitlement. The import was therefore entitled to clearance under the earlier policy framework. en-us Wed, 10 Jul 1991 00:00:00 +0530 Wed, 29 Jun 2011 10:32:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81808 A firm import contract for a second-hand offset printing machine, supported by an irrevocable letter of credit and timely registration with the foreign exchange bank, remained protected under Para 7 of Appendix 10 of Import Policy AM 82-83. The later shipment date did not defeat that protection because the contract terms were otherwise unchanged and time was not shown to be of the essence. Since Para 7 expressly allowed shipment up to 31-3-1984 in pursuance of such a registered contract, the subsequent removal of the item from Open General Licence under a later policy could not override the earlier accrued entitlement. The import was therefore entitled to clearance under the earlier policy framework. Case-Laws Customs Wed, 10 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81808