Per P.K. Kapoor : The appellants entered into a joint venture agreement dated 26th June, 1985 with M/s. Mitsubishi Motors Corporation and M/s. Mitsubishi Corporation of Japan for the manufacture of light commercial vehicles. In terms of the said agreement the foreign collatorators were to contribute 15% of the share-capital of the appellants company and they were also authorised to nominate two Directors on the Board of the appellant company. The appellants also entered into a technical assistance agreement dated 4th October, 1982 with 'MMC. In accordance with the Industrial Licence granted to them by the Government for undertaking phased manufacturing of 'LCV, from February, 1986 the appellants commenced importation of CKD components of 'LCV, spare parts and warranty spare parts.

2. Pending a decision on the question of acceptability of the invoice values, the customs authorities decided to allow the clearance of goods imported by the appellants from their collaborators on provisional basis after loading the invoice value by 25%. Subsequently by his order dated 23-6-1989 the Assistant Collector of Customs, Special Valuation, Bombay held that in view of the Joint Venture Agreem