PADMA KHASTGIR, J.

( 1 ) THE petitioner herein carriers on business as dealers in steel items. The subject matter of the present petition was imported under licence dated the 9th April, 1981 for Rs. 4,95,696/- issued In favour of M/s. Rajendra Mechanical Industries Ltd. , Bombay by the Joint Chief Controller of Import and Export. The petitioner is a second transferee and had thereby acquired the right to import goods to the extent of Rs. 2,80,000/- from M/s. Alloy Steel Enterprises of No. 26 Strand Road, Calcutta, who were the first transferee of the said licence. The petitioner by virtue of such transfer of the licence placed orders and/or indent on the 23rd May, 1981 to a seller at Holland for supply of stainless steel sheet cuttings 0. 4 mm thick of the size of 2ft. x 5ft. on or about the 28th September, 1981 the foreign supplier sent the goods to Calcutta Port and the goods arrived on the 6th November, 1981. The petitioner filed the necessary Bill of Entry on 25th November, 1981 along with the related documents. Against the said licence the petitioner could import cuttings of stainless steel sheets and not the sheets. The petitioner was informed by the Customs Authorities that

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