1996 (5) TMI 274

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....icence. On 13-3-1985 the licensing authority issued a licence subject to three conditions, namely, that there shall be no amendment in price and other terms of the agreement, that the contract should be valid for shipment of goods on the date of issue of licence and the licence should be subject to the provisions given in Paragraph 73(3) of the Import and Export Policy, 1984-85 Volume I. Import was effected in six different consignments in October, 1987 purportedly at the contract price US $ 200 PMT CIF. The invoice price was accepted and duty assessed. Appellant paid the duty and cleared the goods. Thereafter they filed refund claim in respect of the consignments contending that the ruling price in international trade of Dried Copra at the....

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....hough, the ruling price was only US $ 200 PMT. This appears so amazing and contrary to commonsense that the lower authority should have investigated this aspect of the matter. If investigation had revealed, as a matter of the fact, that the appellant did not pay the price of US $ 570 PMT but paid a lesser price that should amount to violation of licence condition. The question of refund would not arise, since status quo regarding confiscation and redemption cannot be restored. If, on the other hand, the appellant had actually paid the price at the rate of US $ 570 PMT CIF, the import will be valid inasmuch as the condition of the licence had been satisfied. But, in such a case, valuation for the purpose of assessment would have to be govern....