Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2016 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (11) TMI 1263 - HC - VAT and Sales TaxRelease of attached warehoused goods - Castor Seeds - upon raiding such godown, it was found that the petitioner has stored the said goods without proper documentation with an intention to evade payment of duty - Held that: - the petitioner's estimated tax, interest and penalty liability works out to ₹ 1,54,36,314/. This takes into account maximum imposable penalty at one and a half times the tax. So far assessment is not yet made, the final liability could be ascertained. In the meantime, if the petitioner secures the full amount, the interest of the Revenue would be sufficiently safeguarded. Counsel for the petitioner also offered to give unconditional bank guarantee of ₹ 1,55,00,000/to the department. In our opinion, subject to such bank guarantee being furnished, the goods could be released. The petition is disposed of with the direction that if the petitioner gives the bank guarantee from a scheduled bank to the department of sum of ₹ 1.55 crores to be recovered by the department with the tax when interest and penalty liabilities are crystallized, the goods lying in the warehouse of M/s Edelweiss Integrated Commodity Management Limited shall be released - decided partly in favor of petitioner.
|