Judgment

SHINGHAL, J.:- These appeal by special leave arise out of an order of the Central Government dated Jan, 16, 1969, by which six revisional applications of the appellants were dismissed, and a similar order dated March 19, 1969, in the remaining case. As the basis facts and the law governing them are quite similar, it will be sufficient to deal with the common point in controversy before us on the basis of the admitted facts, and to dispose of the appeals together.

2. The appellants obtained licences for the import of 102 cases of 3,00 Kgs. of nylon yarn. The yarn was shipped to Bombay on the basis of a letter of credit in favour of the foreign suppliers. When the shipment arrived, the appellants received the bill of lading and other documents of title from the bankers on or about Aug. 23, 1965, and paid for the same. They lodged the bill of entry the same day, and it has been claimed that the goods were assessed for duty by the customs authorities at a certain figure. The appellants stored the goods in the warehouse on Dec. 22, 1965. They cleared 32 cases for home consumption on May, 10, 1966, and there is no controversy in regard to it. The currency was devalued on June 6, 1