2004 (12) TMI 581

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...., for the Respondent. [Order per : S.S. Kang, Vice-President]. -  The appellant vide letter dt. 19-12-2004 made a request to decide the appeal on merits. 2. Heard ld. DR. Brief facts of the case are that the appellant made import of a ship for breaking purpose. The appellant entered into an agreement with the supplier of ship regarding sale of the ship for a price of US $ 9,30,0....

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....espect of the imported ship as per amendment to memorandum of agreement, therefore, enhanced value ship is not sustainable. 4. We have gone through the memorandum of agreement dt. 10-12-98 which is for the price of US $ 9,30,000/- and as per condition of the agreement, the buyer have the option to ask for proportionate reduction in purchase of price if the vessel suffer partial damage as t....