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2011 (10) TMI 148 - AT - CustomsProvisional release of seized vessel "old and used Swiber Victorious" - Held that:- Once the end use of the vessel is for ONGC petroleum recognized by Department of Hydro-carbon, to which exemption is available, prima facie, the decision of Apex Court in the case of Wander Ltd. (2003 (8) TMI 48 - SUPREME COURT OF INDIA) is squarely applicable to the this case. The insurance at higher value as per para 11.2 of the contract, hence prima facie the same would not be relevant for arriving at assessable value. Therefore, we found that there is no reason to impose condition of payment of duty, as also of submitting the bank guarantee for provisional release in respect of such exempted goods. - in the interest of justice, revenue will be fully protected, if the bond as required by the learned Commissioner is executed and the appellant is put to the conditions such as not to use the vessel except to intended use for executing the contractual work of petroleum operations for ONGC till final adjudication on completion of investigation and shall not re-export the vessel, except with the permission of the Customs authority.
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