2009 (4) TMI 205

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....3rd respondent. 2. Facts of the case are that the petitioner imported Untitled two Learjet air crafts vide Ext. P1 bill of entry. It is stated that these two air crafts are non-flyable and are for demonstration purposes only, for the benefit of the students in College of Engineering run by the Petitioner. 3. On an earlier occasion, praying for provisional assessment and release of the air crafts....

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.... only) initially for a period of one year and extendable thereafter." 5. Petitioner submits that the valuation done is exorbitant. He is relying on Ext. P2 bill of entry filed by him and Ext. P6 valuation statement furnished by a Chartered Engineer appointed by the respondents themselves. Counsel also relies on Ext. P7, a bill of entry in respect of another air craft imported by the petitioner. T....

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....value, the value assessed by the Chartered Engineer was much less. Therefore Ext. P6 report was not accepted by the respondents. It is stated that accepting the aforesaid declared value for a contemporaneous import, the number of air craft being two, the respondents have demanded bond for double the value. It is stated that the bank guarantee demanded included the duty, possible fine and penalty. ....