TMI Blog1993 (4) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner-Company presented the Bills of Entry before the Customs Authorities in respect of the goods aboard the S.S. Tiger River V-147 on 31st March, 1992. This was done under the second proviso to Section 46(3) of the Customs Act. 2. The above facts are not in dispute. What is in dispute is the rate of exchange applicable for the purpose of determining the value of the goods imported. Accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the vessel by which the goods have been shipped for importation into India is expected to arrive within a week from the date of such presentation." Therefore, the relevant consideration is whether when the Bills of Entry were presented, the S.S. Tiger River V-147 was expected to arrive within a week or not. The word, "expected to arrive" cannot be considered to mean actual arrival. The expectati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of which show that the Tiger Vessel was due to arrive on 6th April, 1992. There is, therefore, conclusive evidence to show that the expectation of the date of arrival of the Tiger River was reasonable. In fact, there is no evidence to the contrary namely that the Tiger River was due on any other date. The rationality of the expectation will have to be determined as on the date of presentation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the difference. The goods have been released to the petitioner by the respondent authorities. In view of the finding of this Court that the rate applicable is the rate prevalent on the date of the presentation of the Bills of Entry namely 31st March, 1992, the only consequential order that is necessary to be passed is that the bank guarantee furnished by the petitioner will stand discharged and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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