JUDGMENT

KASLIWAL, J.:— This appeal by special leave is directed against the judgment of Calcutta High Court dated 6th February, 1975 setting aside the order of the learned single Judge of the High Court dated 9th June, 1972.

2. Brief facts of the case are that M/s. Toolsidass Jewraj (hereinafter referred to as the petitioner firm) had been carrying on the business of export of Jute goods from India to foreign countries including United States. The petitioner-firm entered into contracts on December 19, 1961 for shipment in January, 1962 of Jute goods to M/ s. Franc Samuel and Co. of New York, through their agents M/ s. C. J. Dammann Inc. of New York, U.S.A. According to the petitioner-firm in January, 1962 the price of Jute goods appreciated considerably and to avoid severe losses the petitioner-firm through the said agent arranged for switching the shipment over to April/June, 1962. The petitioner-firm thereafter made arrangements for shipment of a consignment of 435 bales of Hessian Cloth by s.s. "City of Singapore" and submitted shipping bills along with G.R.-1 forms with the Customs authorities on June 1, 1962. The gain resulting from the sale of goods was allowed to the buyers