JUDGMENT

By consent, the order dated 20th September, 1994 is recalled.

2. The appellant - M/s. Basant Industries, sought clearance of goods imported against their licence No. P/S/1943043 dated 6th September. 1983. The price of the goods imported, namely, TAM Brand bearings No. 751 1 was U.S. $ 1.80 CIF per piece. On the allegation that the goods of the same description had been imported by M/s. Ravi Agricultural Industries, Agra under Invoices Nos. FDN 849031 dated 4th June, 1984 and FDN 849031 B dated 24th August, 1984 at a price of U.S. $ 2.20 CIF per piece, the Department issued a show cause notice dated 26th November, 1984 to show cause why the duty on the difference of price and penalty should not be recovered from the assessee. Cause was shown by the assessee by letter dated 11th December, 1984 stating that the price was fixed after negotiations and in support thereof the correspondence that had ensued between the importers and suppliers was tendered in evidence. The correspondence revealed that there had been some bargaining in the matter of fixation of price before the suppliers agreed to a price of U.S. $ 1. 80 CIF per piece. Notwithstanding the same, the Additional Collecto