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2019 (5) TMI 1081 - AT - CustomsImport of restricted item or not - shafts - import before the restrictions were placed - HELD THAT:- It is a settled principle that goods are to be assessed in the way, it is presented unless the contrary is established. Invoice copy annexed to the appeal indicates 4 varieties of shafts being imported from M/s CRYOSTAT S.A.S., France and it is not understood as to why all those 4 categories of shafts which appellant claims to have been parts of its centrifugal pumps were all classified as transmission shafts, thus attracting policy restriction and why provision contained in para 1.5 of the Foreign Trade Policy cannot be pressed into services on the ground that shipment was done after the restriction was imposed. If shipment is made within original validity of irrevocable commercial letter of credit established before the date of imposition of such restriction of import/export, then such export or import is permitted under FTP upto the time limit prescribed in such letter of credit. Both in classification and application of restriction for such imports during the validity of letter of credit, the order of the Commissioner (Appeals) is unsustainable and the same is liable to be set aside - Appeal allowed - decided in favor of appellant.
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