Home Case Index All Cases Customs Customs + HC Customs - 2014 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 701 - HC - CustomsConfiscation of goods - release of goods - Tribunal had stayed the order of the Commissioner on condition that the petitioner has to pay a sum of Rs. 3 lakhs - Sum already paid by assessee - However, the petition filed to release the goods has been dismissed by the second-respondent Tribunal; since the goods have been lying for a period of three years - Held that:- only remedy now sought by the petitioner is that goods have to be released on his furnishing bank guarantee as directed by the Tribunal to the tune of Rs. 45 lakhs. According to the learned counsel for the petitioner, instead of making payment of Rs. 45 lakhs in the form of cash, the petitioner is willing to pay the said amount by way of bank guarantee. Respondent is directed to release the goods, however, on the petitioner furnishing bank guarantee to the tune of Rs. 22.50 lakhs and making cash payment to the tune of Rs. 22.50 lakhs (totally Rs. 45 lakhs) and also on the petitioner filing an affidavit of undertaking to the effect that the said bank guarantee will be kept alive for a period of one year or till the disposal of the appeals - Decided in favour of assessee.
|