PRAVEEN INDIA LTD Vs. COLLECTOR OF CUSTOMS

JUDGEMENT

(1.) The petitioner No. 1 Company is an importer of goods. The goods of the petitioner No. 1 were shipped from the foreign country aboard the S.S. Tiger River V-147. The petitioner-Company presented the Bills of Entry before the Customs Authorities in respect of the goods aboard the S.S. Tiger River V-147 on 31st March, 1992. This was done under the second proviso to Section 46(3) of the Customs Act.

(2.) The above facts are not in dispute. What is in dispute is the rate of exchange applicable for the purpose of determining the value of the goods imported. According to the proviso to Section 14(1) of the Customs Act, 1962, the price is to be calculated with reference to the rate of exchange as in force on the date on which the Bill of Entry is presented under Section 46 of the said Act.

(3.) According to the petitioners, the rate of exchange would be that which was applicable when the petitioner-Company presented the Bills of Entry, namely, 31st March, 1992.