Ajit K.Sengupta, J. - (1.) In this reference under Section 130(1) of the Customs Act, the following question of law has been referred to this Court:- "Whether on the facts and in the circumstances of the case, the finding of the Tribunal upholding the charges levelled against the appellant and the imposition of the redemption fine or penalty is perverse and/or was arrived at by excluding relevant material and/or by taking into consideration the irrelevant material and/or was arrived at on the basis of irrelevant or extraneous consideration."
(2.) Shortly stated, the facts are as under :-
(3.) The applicant is a manufacturer of plastic materials for packaging purposes. For its said business, the applicant entered into a contract with a West German firm for importing plastic extruder having screw diameter of 6" equivalent to 152.4 mm. The payment for the said machine was to be made on deferred terms and required the approval of the Reserve Bank of India. As per the Import & Export Policy of 1980-81, extruder machine having screw diameter of above 150 mm was a permissible item for import under the Open General Licence (OGL). On 18th January, 1981, the confirmed order for the above machine was placed to the supplier. The contract was registered prior to 28th February, 1981 and in accordance with the import policy the shipment could be effected within 3ist March, 1982. After registration, approval of the Reserve Bank of India was duly obtained for payment of the price on deferred terms. Two letters of credit were duly opened with United Commercial Bank one for payment of the initial sum of 15% and the other for payment of the remaining value of the machine on deferred terms. Two letters of credit were opened on 19th May, 1981.;