Suhas Chandra Sen, J. - (1.) A quantity of 100 M.T. of High Density Polyethylene was imported by the petitioner company by the vessel LHOTSE - V419. for taking clearance of the said goods the petitioner company presented bills of entry before the proper customs officer on March 30, 1992. On the said bills of entry, the agent of the Steamer Company duly made endorsement certifying that the said vessel was expected to arrive at the Port of Calcutta on April 2, 1992. On the said date, the rate of exchange was Rs. 100/- USD 3.4150. The Assistant Collector of Customs, Importing Noting Department passed an order on the forwarding letter on March 30, 1992 to the effect that the said bills of entry may be noted by the Noting Department. Even though the bills of entry had already been presented on 30th March 1992 and even though there was no defect of any nature in the bills of entry, the customs authorities returned the same on 31st March 1992 by making an endorsement that as per the Collector's order "Nothing" "of the said bills of entry cannot be allowed. On April 1, 1992, the rate of exchange was increased and the new rate was Rs. 100/- = USD 3.1800. The said vessel actually arrived at the Port of Calcutta on 2nd April 1992, that is, well within a period of one week from the date of presentation of the said bills of entry.
(2.) The respondents case is that since the Collector had not granted "permission" for presenting the said bills of entry on 30th March 1992, the rate of exchange as prevailing on the said date of presentation cannot be applied. It has been contended on behalf of the respondents that even in cases covered by the second proviso to Section 46(3) of the Customs Act, 1962, a bill of entry before delivery of import manifest can be presented not as a matter of right but only if permitted by the Collector.
(3.) The case of the petitioner is that under the proviso to Section 14(1) of the Customs Act, the price is required to be calculated with reference to the rate of exchange as in force on the date on which a bill of entry is presented under Section 46. In the instant case admittedly, the bills of entry were presented by the petitioner company on 30th March 1992. Accordingly, in view of the proviso to Section 14(i) the price can be calculated only with reference to the rate of exchange as in force on the said date, i.e., on 30th March 1992.;