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2015 (3) TMI 83 - MADRAS HIGH COURTWaiver of security bond or bank guarantee - Conditions imposed by the appellate authority in respect of stay granted in favour of the petitioner firm - Held that:- Petitioner firm has already paid 25% of the amount in question at the time of preferring the appeal and in some of the cases the petitioner firm has paid the amount between 50% and 90% of the impugned demand notices issued by the respondents. petitioner firm has paid the amount towards his liability, this court, considering the amount sofar paid in each of the Writ Petitions, modifies the conditions imposed by the appellate authority only insofar as to the grant of Bank Guarantee or Security Bond. The petitioner firm will pay amount as stated in order and shall execute a personal bond for the balance tax amount and for the entire penalty amount. - It is made clear that if the petitioner firm fails to adhere any one of the conditions imposed by this Court through this order, this modification granted by this Court shall stand cancelled without any reference to this Court and the order of the appellate authority will get automatically restored. - Decided conditionally in favour of assessee.
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