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TMI Blog1990 (2) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... y No. 1531/150 (appeal No. 1383/83-A), and bill of entry No. 1531/148 (Appeal No. 1384/83-A) were presented. The appellants declared the invoice price under bill of entry No. 1531 at Rs. 94,000/-, in respect of bill of entry No. 1531/147 at Rs. 1,03,531.90 and in respect of bill of entry No. 1531/148 at Rs. 1,03,531-80. The Asstt. Collector did not accept the invoice price and assessed the goods at the enhanced price of U.S. $ 6.56 and 6.98 respectively. In other words, in respect of bill of entry No. 1531 the enhanced value was Rs. 1,04,825/- in respect of bill of entry No. 1531/147 Rs. 1,14,809.22 and in respect of bill of entry No. 1531/148 Rs. 1,14,809.22. The total excess value is thus Rs. 60,920.80. On appeal the Collector (Appeals) c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the invoice price should be accepted if seller and buyer have no interest in the business of each other. Janta Traders, Bombay v. CC, Bombay -1988 (34) E.L.T. 65]. He also relid on Deepak Nitrite v. CC, Bombay [1983 (12) E.L.T. 171], in support of his contention that contract price is to be accepted. He brought to our notice a decision of the Bombay High Court in Kishco Cutlery v. UOI [1984 (15) E.L.T. 367 (Bom.)] wherein under similar circumstances it was held that the contract price should be the assessable value. 4. Shri Sharma appearing on behalf of the respondent submitted that the original contract was superseded by the new contract dated 6th March 1981 and the letter of credit was opened on 15th April 1981. Therefore, the price agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the original contract in view of the difficulty for operating the letter of credit dated 13th October 1980. The letter dated 10th April 1981 indicates that the supplier is agreeable to supply the goods at the old rate. The respondent have not disputed the genuineness of the correspondence referred to above placed before us. They have also not produced any material to the contra. Therefore, we have to accept the case of the appellants that the original L/C is to be revoked and the fresh L/C is to be opened in view of the difficulty expressed in the telex message dated 6th January 1981. We have also to accept the case of the appellants that the supplier agreed to supply the goods at the original contract price i.e. contract dated 6th Octobe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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