1999 (8) TMI 77

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..... etition filed by the appellant was dismissed. Briefly stated, these are the facts : 2.The appellant purchased a consignment of acrylonitrile from a supplier in the United States of America and, on 29th April, 1992, filed with the Customs authorities at Kandla the Bill of Entry in respect thereof. It is common ground that the price indicated in the Bill of Entry reflects the true value of the cons .....

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..... xchange for the purposes of Section 14 of the Act, that is to say, in respect of the rate of exchange applicable in the computation of the value of imported goods. The question is whether the fixation of the rate of Rs. 31.44 on 27th March, 1992, with effect from 1st April, 1992, is arbitrary, principally, having regard to the fact that the Reserve Bank of India's rate at the relevant time was Rs. .....

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..... ange for foreign exchange transactions. If it is to be deviated from to the extent that the notification dated 27th March, 1992 does, it must be shown that the Central Government had good reasons for doing so. The Reserve Bank of India's rate, as we have pointed out, was Rs. 25.95, the rate fixed by the notification dated 27th March, 1992 was Rs. 31.44, so that there was difference of as much as R .....

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