Judgment

Bhan, J.—The assessee-appellant has filed this appeal under Section 130(E) of the Customs Act, 1962 (for short “the Act”) against the final Order No. C-I/II/WZB/2000 dated 2.1.2001 in Appeal No. C/533-V/99/Bom passed by the Customs Excise and Gold (Control) Appellate Tribunal, West Zonal Branch at Mumbai (hereinafter referred to as “the Tribunal”) whereby the Tribunal reversed the order in appeal passed by the Commissioner of Central Excise on 8.3.1999 and held that the appellant could not be granted abatement of the duty.

2. Briefly stated the facts of the case are:-

M/s. Priya Blue Industries Pvt. Ltd., Plot No. V-1, Sosiya (hereinafter referred to as “the importer”) hold import export code number and also Central Excise Registration. It imported vessel MV VLOO ARUN under OGL for the purpose of breaking. The vessel weighing 40,017 LDT had been purchased for US$ 68,49,839.00 i.e. @ US$ 167 per Long Ton. Importer got a letter of Credit bearing No. 58 IDC 21.97 dated 12.8.1997 opened in favour of Ruby Enterprise Inc., 2018, Antwerp, Belgium, the foreign sellers for US$ 68,49,839.00 which amount was remitted by the Vysya Bank Ltd., Mumbai to the beneficiaries on 12.8.1997 itsel