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2013 (12) TMI 1196 - HC - CustomsConfiscation of goods - Freezing of accounts - Held that:- Respondents in the counter affidavit have stated the chain as to how the misdeclared goods were imported by M/s. VVK Traders, M/s. Mehta Overseas, M/s. Chopra Overseas and M/s. Umesh Impex and other firms and were shown to be sold to individuals against the fake cash bills and imported chemicals with correct description were shown to be supplied by another set of fake front firms to several firms located mainly at Sambha, Jammu & Kashmir and the Petitioner’s firm was found to be one of such firms - since the freezing of the bank account, was not seizure of the ‘goods’ as envisaged under Section 110 of the Act, the Petitioner is not entitled to de-freezing of the bank account unconditionally - It is therefore, directed that the amount deposited in Bank Account after the date of freezing the account shall be released, subject to furnishing of a Bank guarantee to Respondent No.2 in respect of the amount credited in the account from the date of freezing of the account - Conditionally decided in favour of assessee.
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