2000 (8) TMI 90

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....d is as to whether the firm contract was required to be backed by irrevocable letter of credit in order to entitle the appellant to have the benefit of the import licences dated 21-1-1988 and 27-7-1987 of which, the appellant had taken an assignment on 3-9-1989. Prior to the said assignment, orders were placed by the original licensees on 4-1-1988 and 6-6-1988 and those orders had been accepted by....

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....edly, the goods imported by the appellant remained in open general licence (O.G.L.) list and had not been shifted. 3.The assessee had produced before the authorities the order that the original licensee - Champdany Industies Limited, Calcutta, had placed on the foreign supplier in Singapore on 6-6-1988, as also the letter of the foreign supplier accepting the order and agreeing to keep the pric....

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....reed period. The contracts thus concluded between the parties did not require the opening of irrevocable letter of credit by the importer. 4.The view taken by the Tribunal that the requirement of opening irrevocable letter of credit should be read into the Policy, and read into the requirement of the firm order being placed with the oversees supplier, is clearly an erroneous view. In the absenc....

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....ers. The Import Policy had also made a conscious distinction between the goods on the O.G.L. and those shifted from O.G.L. under a public notice. The requirement of a letter of credit was added in respect of the goods which had been shifted from the O.G.L. under a public notice. 6.The evidence produced by the appellant, having shown that a firm order had been placed within the period stipulated....