2002 (10) TMI 559

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....[Order per : J. H. Joglekar, Member (T)]. - M/s. Shiv Marine Industries Pvt. Ltd. contracted for purchase of a Ship at the cost of US $ 801049.69 as per the memorandum dated 1-6-1999. Several addenda were issued between the sellers and the buyers changing the date of L.C. and also amending the description of the vessel. Vide addendum No. 3, dated 2-6-99, the value was reduced to US $ 7,87,268.2 ....

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.... sale the vessel is described as a Woodchip Carrier. Description of the vessel does not refer to any tanks. The description does not suggest it to be a vessel meant for carrying liquids. Therefore, the reduction of value on the mis-declaration of double bottle tanks does not make any meaning. Compared to the legal language of the agreement of sale, the addendum is shoddily drafted. When the transa....