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2011 (8) TMI 947 - BOMBAY HIGH COURTPetitioner inter alia seeks unconditional release or the provisional release of 7 cranes seized by the Respondent and challenges the action of the Respondent - From the material on record, it has also emerged before the Court that the Petitioner has deposited an amount of Rs. 80,00,000/- with the Respondents when he was called for investigation by the Directorate of Revenue Intelligence - According to the Revenue, the documents show that the cranes were imported at highly under valued prices ranging from Rs. 40/- to Rs. 45/- per kg of the weight of the cranes as opposed to the actual transaction value - On the material which has emerged during the course of investigation and which has been adverted to in the affidavit in reply, the Petitioner cannot be allowed to seek unconditional release of the seized goods - Held that: the ends of justice would be met, if a direction is issued to the effect that the Petitioner shall furnish a bank guarantee of Rs. 40,00,000/- of a Nationalised Bank, and a P.D. bond to the satisfaction of the adjudicating authority, as a condition precedent for the provisional release of the goods. Upon furnishing of a bank guarantee and bond as directed hereinabove, the Respondent shall provisionally release the balance 7 cranes - Petition is allowed
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