https://www.taxtmi.com/caselaws?id=165658 A pre-notice irrevocable letter of credit supporting a firm commercial commitment remained protected by the saving clause, because the later amendment merely extended the shipment period in response to abnormal circumstances and did not create a new contract or materially alter the underlying obligation. The Board treated that extension as consistent with bona fide commercial practice, so the import continued to qualify under the pre-existing commitment. The licence was directed to be accepted for the import if otherwise in order, and the fine was remitted in full. en-us Fri, 22 Dec 1978 00:00:00 +0530 Tue, 05 Aug 2014 17:16:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165658 A pre-notice irrevocable letter of credit supporting a firm commercial commitment remained protected by the saving clause, because the later amendment merely extended the shipment period in response to abnormal circumstances and did not create a new contract or materially alter the underlying obligation. The Board treated that extension as consistent with bona fide commercial practice, so the import continued to qualify under the pre-existing commitment. The licence was directed to be accepted for the import if otherwise in order, and the fine was remitted in full. Case-Laws Customs Fri, 22 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165658