2004 (7) TMI 124

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. The facts in brief are that :- "The seller M/s. Export Trade Corporation Ltd., Hong Kong had sold the vessel MV Karakoram having LDT of 4150 MT = 4084 LT to the appellants through a Memorandum of Agreement (MOA), dated 2-6-2000, at a price of US $ 756,561. The importer filed the Bill of Entry on 22-6-2001 declaring the total price of US $ 726,952 and US $ 115,70 (diff. 0.65 MT LT) for 4150 MT LDT (4048.65 MT LT) on the strength of an Addendum I & II dated Nil. According to the importer, the said addendum was necessitated, as the Vessel was not as per the MOA. The Bill of Entry was finally assessed at the price of US $ 7,26,952." 3. The department in the review appeal to the Commissioner (Appeals) had claimed that, the Deputy Co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ce to US $ 7,26,952 was signed, the representative stated that there is no mention of date on the Addendum. He could not show any document to give any indication about the date on which the same was signed. On another specific question as to how the reduction in value was claimed in the Bill of Entry dated 22-6-2001, when the Survey Report is of 23-6-2001, the representatives showed their inability to explain. It was pointed out to them that Ericson and Richards had conducted a Survey on 16-6-2001 wherein they had mentioned vide report No. 2001/ERG-208-D at Paragraph 3 that the vessel is Single Skin. On this, they stated that they would not comment on this." 4. It was further stated that the vessel was purchased at a price, which has bee....