1991 (1) TMI 275

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....ppellants. Shri S. Krishnamurthy, SDR, for the Respondent. [Order per: Jyoti Balasundaram, Member (J)]. - The issue for consideration in this appeal is the entitlement of the appellants to refund of customs duty of Rs. 27,465.39 on import of Crude Calcium Borate (Colemanite). 2. We have heard Shri A. N. Haskar, learned Counsel for the appellants and Shri S. Krishnamurthy, learned SDR o....

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....rrived at after reduction of the penalty at the rate of US $ 2 per M. T. for each percentage of B2O3 based upon the umpire analysis report as per the terms of the contract. 5. The Assistant Collector rejected the claim for acceptance of net dry weight of 2252.945 M. T. on the ground that "The moisture content is an inherent nature of the chemicals in question. The Umpire analysis stated in invo....

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....3% for the average Moisture content. Again the contract shows that a premium/penalty of US $ 2 per M. T. for each percentage of B2O3 above or below 42% shall be given. Obviously the consideration can only be there for varying proportion of moisture content during voyage as there is no possibility of addition or removal of any other ingredient from B2O3. So once such consideration was accorded in t....

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....DIRMA.' This price is valid for 3 months as of the date of export licence. PREMIUM/ PENALTY : US $ 2 per metric ton for each percentage of B203 above or below 42%. PAYMENT : By an irrevocable letter of credit opened by Buyer not later than two weeks prior to the scheduled shipment through a Turkish Bank designated by Seller. The amount of the letter of credit shall be equal to 11....