( 1 ) THESE two cross appeals are directed against the impugned judgment dated 8th December, 2000 of learned single Judge.

( 2 ) THE petitioner No. 1 is a Registered Partnership Firm and Petitioner No. 2 is one of the partners in that firm.

( 3 ) PETITIONER No. 1 carries on business of export and import. The main business of petitioner is to export silk fabric and finished glass beads.

( 4 ) THE Government of India published an Export and Import Policy for the years 1997-2002. The scheme called Duty Exemption Scheme. In that scheme on export the exporter gets duty free licence for import of goods i. e. called Duty Entitlement Pass Book (DEPB ). The duty credit under the scheme is calculated on the basis of the value of the goods exported. The exporter is eligible to claim the duty free import goods at a specified percentage of value of export made by the exporter. The import licence that is DEPB is valid for a period of 12 months from the date of issuance of that import licence. The DEPB under the said policy may be issued either on post-export or on pre-export basis.

( 5 ) WHAT will be the value of the exported goods that is a subject matter of Customs Departm