Per Shri S.Kalyanam : Pursuant to the Order of the High Court of Madras dated 10.5.1994 directing the Tribunal to "dispose of the petition "on merits" and in accordance with law within four weeks from the date of receipt of the copy of the order(on 13.5.94) either from this Court or on production of the same by the Writ petitioner whichever is earlier" the petition was listed and came up for hearing on 30.5.94 and was adjourned to 6.6.94 and after hearing the parties, to enable the SDR to take instructions, the matter was adjourned to this date.

2. Shri Alagar Swamy, the learned Senior Counsel for the petitioner contended that there was a firm commitment for import of the goods in question prior to 14.9.1986 and there was no violation of any provisions of the Customs Act, 1962 by the petitioner. It was further contended that imposition of fine and penalty even if called for should be on the basis of margin of profit for which market price has to be taken into account and the Tribunal has not considered this aspect in their order. On the above pleas, the High Court found that the pleas "merit acceptance" and directed re-consideration of the issue by the Tribunal. The learned Cou