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2015 (1) TMI 709 - AT - CustomsRefund claim - Encashment of Bank guarantee - Bar of limitation - Held that:- appellants could have claimed the refund of encashed Bank Guarantee only after the completion of export obligations and after cancellation of Bank Guarantee. The cancellation happened on 26-5-2010 and the refund claim was filed on 19-7-2010, i.e., within a period of one year. The Revenue’s view is that inasmuch as the Bank Guarantee was encashed in March, 2006, the refund claim filed on 19-7-2010 is barred by limitation and cannot be sanctioned. On the other hand, the contention of the appellants is that they could file the refund claim of encashed Bank Guarantee only after completion of export and after cancellation of the Bank Guarantee, which they did immediately. - Refund sanctioned.
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