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2011 (2) TMI 1334 - ALLAHABAD HIGH COURTSeizure proceeding initiated under section 48(7) of the U.P. VAT Act - Held that:- It would meet the ends of justice if the goods are allowed to be released on furnishing security equal to the amount of tax that is leviable on the goods seized and for the remaining amount upon furnishing security other than cash or bank guarantee to the satisfaction of the authority. It is further directed that so far as entry tax is concerned, the petitioner shall furnish security other than cash or bank guarantee to the extent of 20 per cent instead of 40 per cent as demanded by the authority. On such prayer being made it is provided that it will be open for the applicants to furnish bank guarantee in case it is not able to arrange for the security other than bank guarantee as directed above.
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