PHOENIX OVERSEAS P LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) THIS petition is directed against the order of the Customs, Excise and Gold (Control) Appellate Tribunal, Mumbai ("cegat" for short) dated 20-4-1989, upholding the order of the Collector of Customs, except modification of reducing the redemption fine of Rs. 10 lakh to Rs. 5 lakh in respect of the order dated 13-6-1988. THE FACTS

(2.) THE facts leading to filing of the petition in nutshell are as under, The petitioners are the exporters of 'colour Picture Tubes' ("cpt" for short) to USSR. They were awarded contract for supply of CPT to USSR some time in the month of December 1987. On 23rd February 1988, they entered into a contract with one M/s Samsung Co. Ltd. of Korea ("m/s Samsung" for short) for import of CPT to fulfil their obligation under the said contract. Accordingly, on 29-2-1988, the petitioners opened irrevocable Letter of Credit in favour of M/s Samsung for import of CPT.

(3.) UPON publication of the new Import policy on 30th March 1988, petitioner No. 1 came to know of the Order No. 97/85-88 dated 23rd February 1988 issued by respondent No. 1 in exercise of powers conferred by Section 3 of the Import and Exports (Control) Act, 1947 (hereinafter referred to as "the Amendment Order") whereby the original Clause 11 (1) (d) of the Imports (Control) Order 1955 came to be amended and the words "or otherwise" appearing in the original clause were deleted and the said clause after amendment read as under: