KANTAWALA, C.J. :- The firm of Messrs. Mohanlal Devdanbhai Choksey (petitioner No.1) consisting of three partners, petitioners Nos.2 to 4, carries on business of sale and purchase of gold and silver bullion. On Jan. 10, 1969 the petitioners delivered to the proper officer under the Customs Act, 1962 (hereinafter referred to as "the Act") an intimation under S.11J of the Act in respect of their shop at Sheikh Memon Street as being the place where the silver and gold bullion which were the goods notified under S.11-I of the Act are being kept or stored by them. According to them between 14th and 23rd Jan. 1969 they sold and delivered three consignments of silver bullion to a firm carrying on business at Nasik. On Jan. 23, 1969 they effected sale of 22 bars of silver weighing in the aggregate 666,533 Kgs. valued at Rs. 3,70,356/- to the said firm at Nasik. On the same day they obtained from the Competent Officer a transport voucher under S.11K for transport of the said goods by road from Bombay to Nasik. In the said transport voucher it was mentioned that the goods would leave the petitioner's shop at Sheikh Memon Street at 6 p.m. on Jan. 23, 1969. Such time was mentioned in