1996 (11) TMI 243

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..... e reasonings in the order impugned in the appeal. 3. Appellant, acting as a letter of authority holder for 4 licences, placed an order for import of defective steel sheets and caused to be opened irrevocable Letter of Credit for payment. It appears that subsequent to the shipment, the licensees backed out and did not wish to import the goods. The appellant therefore was appointed as a letter of .....

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..... and this clause therefore does not apply. Clause 5(3) deemed a condition of a licence that the goods shall be property of the licensee at the time of import and thereafter up to the clearance through Customs. It is difficult to conceive that there has been a change in ownership of the goods in the present case for the reason that title for the goods normally passes when the documents are retired i .....

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