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2019 (10) TMI 697 - AT - CustomsProvisional release of imported goods - Ld. Principal Commissioner has directed to furnish bond of full value of the seized goods and bank guarantee of ₹ 85Lakh for provisional release - HELD THAT:- It appears that while passing the said order, the Principal Commissioner has not considered the amount of duty, interest and penalty of ₹ 87,05,435/- already deposited by the appellant. Therefore, the amount deposited by the appellant appears to be sufficient as security. However, on perusal of appellant’s request for reconsideration of the condition for release of the goods vide letter dated 06.08.2019, we find that appellant themselves have proposed to give bank guarantee for 25% of the bond amount on the ground that major amount of ₹ 87Lakh has already been paid. It will be sufficient to safeguard the interests of the Revenue, if bank guarantee of 25% of the bond amount is furnished. Accordingly, the amount of bank guarantee reduced from ₹ 85 Lakh to 25% value of the seized goods. Appeal allowed in part.
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