2003 (7) TMI 157

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..... 6-5-1998, reducing the price for long ton of light displacement tonnage to US $ 135 and the total purchase price reduced to US $ 5,56,678.90. The basis of the amendment was on account of following discrepancies : 1.         All Generators of the vessel are not according to the specifications as shown in the M.O.A. and hence it has no releasable value at all. 2.         There is water leakages in the cargo compartment at the bottom and as such the plate of the bottom is heavily damaged. 3.         No. 5 derricks which is not in the working condition. 4.         The vessel is of ve .....

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..... ription in the memorandum of agreement revision of the value would be justified. In that situation, the goods which have arrived for delivery, are different from the goods which the buyer contracted to buy and the seller contracted to sell. Therefore, the value that was decided between the buyer and the seller would not be the value of transaction of purchase and sale of goods different and it would be justified to accept as the value now arrived at. This is what we have said in our earlier orders. 8.The facts in this case do not justify the conclusion that what was delivered was different from what is agreed to be purchased and sold. The memorandum of agreement makes it clear in Clause 6 that "The buyers have accepted the vessel without i .....

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..... ld perhaps be concluded that their value was lower than what it could otherwise have been. How it can be claimed that generators have no value at all is beyond our comprehension. 9.The importer's only contention is that the reduction in price mutually agreed upon between the buyer and seller is justifiable in the eye of law. We have however noted that this is done after the goods have been imported into India. It is the price of the goods that they are available at the time of import into India that we are concerned with. We find no basis for any reduction in that price. 10.The order of the Commissioner (Appeals) is accordingly set aside the assessment determined by the Superintendent is restored.
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