( 1 ) THE facts in this case are shortly as follows: The petitioner is a firm of established importers of Iron and Steel materials. On or about 31st December, 1957 the petitioner got a license from the Government of India being License No, STC/bk/tds/98 for the importation at the Port of Calcutta and Bombay of 9299. 379 tons of Mild Steel plates, from the areas mentioned therein, of the value c. i. f. of Rs. 94,69,500/ -. It has been pointed out in the license itself, the original of which has been produced in court, that it was issued subject to the policy outlined in the Import Trade Control Book, published by the Ministry of Commerce and Industry, New Delhi, and that the limiting factor in the license was the weight and c. i. f. value. It has also been stated therein that the importers, who mention incorrect prices in the application for a custom permit will be penalised. On or about 15th January, 1958 the petitioner imported through Messrs. 'gosho Co. Ltd. , of Tokyo, Japan, ex. s. s. "eastern Maid", 76 pieces of M. S. plates to BSS-15, size 1-1/8" x 4' x 8', weighing 49. 817 long tons, into the Port of Calcutta. On arrival of the said vessel at the Port of Cal