TMI Blog2024 (3) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the revenue has made a fair statement, it cannot be doubted, the petitioner is the bona-fide owner of the goods. Accordingly, the penalty order is modified to the extent penalty imposed. Quantum is reduced in terms of provisions of Section 129(1)(a) of the Act i.e. equal to twice the amount of tax imposed on the value of the goods, as estimated by the revenue authorities. The writ pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing 100 percent of the value of the goods under Section 129(1)(b) of the U.P. G.S.T. Act, 2017 (hereinafter referred to the as, 'the Act') from the petitioners who describe themselves to be the owner of the goods. Therefore, they claim to be entitled to release of the goods against payment of lesser security being twice the amount of the tax under Section 129(1)(a) of the Act. 4. At the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel for the petitioner states, the petitioner does not dispute the levy of penalty. Only, the quantum is in dispute. 10. In such circumstances, on query made, learned counsel for the revenue has made a fair statement, it cannot be doubted, the petitioner is the bona-fide owner of the goods. 11. Accordingly, the penalty order is modified to the extent penalty imposed. Quantum is reduced in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X
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