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2015 (10) TMI 2124 - KARNATAKA HIGH COURTRelease of Bank guarantee deposited under protest – Petitioner imported “shoulder type power weeder AHM200” - Quash two seizure mahazars and provisional release order – Sets of imported items were seized under mahazars – Respondent ordered provisional release subject to execution of bond for full value and furnishing of bank guarantee for ₹ 1.5 Crores. Held That:- Release of goods on fulfilment of conditions of the execution of bond, furnishing bank guarantee for Rupees One Crore, in three instalments and furnish bank guarantee for ₹ 50,00,000/- ; 50% of seized goods to be released - Bank guarantee for further sum of ₹ 25,00,000/-; 25% of goods to released and further bank guarantee for value of ₹ 25,00,000/-; remaining goods shall be released – Conditions are subject to final outcome of the proceedings and petitioner at liberty to avail remedy – Decided in favour of Revenue.
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