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2014 (4) TMI 1065 - GUJARAT HIGH COURTConfiscation of vessels and barges allegedly used for smuggling activities - discharge of bank guarantees as ordered by Tribunal - Held that:- judgement of the Tribunal is required to be stayed. If no protection is granted, the respondents would be entitled to seek discharge of the bank guarantees or refund of the amount if the bank guarantee is already encashed. Ultimately, if the department's appeals are allowed, it would be difficult to recover the amount without any bank guarantee being available with the department. Under the circumstances, it is provided that pending these appeals, the respondents shall not be entitled to seek discharge of the bank guarantee or refund of the amount, if the bank guarantee is already encashed. It is provided that such bank guarantees/bonds shall be kept alive if not already encashed till the final disposal of the appeals - Decided in favor of revenue.
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