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2014 (11) TMI 24 - AT - CustomsRelease of confiscated vessel - redemption fine - Held that:- As the stay order was granted by this Tribunal on 25.06.2013 on the understanding that the vessel shall be remained in Indian water or the same can be redeemed on payment of redemption fine of ₹ 7 crore but relaxation was given to the applicant on execution of bank guarantee of ₹ 60,00,000/- for repair purpose only. Now the applicant wants to take the vessel outside Indian Territory for the commercial purpose. Considering the fact that the differential duty is around ₹ 6 crore which is in dispute therefore, for fair consideration of the request of the applicant and to safeguard the interest of the Revenue, we direct the applicant to execute a bank guarantee of ₹ 3 crore in favour of the Commissioner of Customs (Imports), New Customs House, Mumbai. On such execution of bank guarantee of ₹ 3 crore, the learner Commissioner shall allow the vessel to take outside territory of India for six months from the date of export. - Decided partly in favour of Assessee.
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