Judgment

S. K. Das, J. : This appeal has come to us on a certificate granted by the High Court of Judicature at Calcutta that the case is a fit one for appeal to this Court.

2. The appellant is Shewpujanrai Indrasanrai Ltd., a private limited company incorporated under the Indian Companies Act, 1913, and carrying on business at 69, Manohar Das Street, Calcutta. Respondents 1 and 3 are the Customs authorities concerned; respondent 2 is the Union of India and respondents 4 and 5 are two banks, called respectively Nationable Handels Bank N. V., a foreign company carrying on business at 1, Royal Exchange Place, Calcutta and Bharat Bank Ltd., a company incorporated under the Indian Companies Act, 1913, and having its registered office at 143, Cotton Street Calcutta.

3. The material facts are these. The appellant Company carries on business as a bullion merchant and in that capacity used to buy gold and silver in the Calcutta and Bombay markets and sell the same either direct or through bankers at the aforesaid two places. It is stated that between November 14, 1950, and November 20, 1950, the appellant Company., in the usual course of its business, purchased about 9478 tolas of gold, and i