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2013 (10) TMI 499 - HC - Central ExciseEncashment of Bank Guarantee – Held that:- Relying upon Mahindra & Mahindra v/s. Union of India [1992 (4) TMI 42 - HIGH COURT OF JUDICATURE AT BOMBAY] - The action of the revenue in encashing the bank guarantees before the expiry of the period for filing an appeal is declared as bad in law - The revenue is directed to refund the amount to bank - bank would issue bank guarantees in favour of the revenue so as to maintain the status quo ante as existing prior to encashment of the bank guarantee – Decided in favour of Petitioner.
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