JUDGMENT

KULDIP SINGH, J.:—M/s. Padia Sales Corporation, Delhi, (The Corporation) imported a consignment of seventy five pieces of bearings called "GPZ Brand roller bearings No. 10777/670" from USSR and declared the total CIF value as Rs. 7,51,030/-, at the rate of Rs. 50,000/ - per bearing. The Corporation further sought the clearance of the consignment under Open General Licence (OGL) in terms of the Import Policy 1985-88. On verification it was found by the Customs Department that the price of the bearing per piece was Rs. 1,79,631.76 and not Rupees 50,000/- as claimed by the Corporation. It was further found by the Department that the goods could not be cleared under OGL and as such the goods were liable to be confiscated under the Customs Act, 1962 (the Act). Accordingly, a show cause notice dated March 18, 1988 was issued to the Corporation alleging under valuation to the extent of Rs. 28,37,432/- and further for the confiscation of the goods on the ground of misdeclaration. The case was adjudicated by the Collector of Customs, Bombay and by his order dated July 14, 1988 he enhanced the value of the imported bearings from Rs. 50,000/- to Rs. 1,79,631.76 per piece and further