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2023 (11) TMI 72 - AT - CustomsSeeking provisional release of seized goods - crude gold bullion seized from the office - prohibited goods or not - gold seized from the appellant’s premises was allegedly procured from importers who have diverted imported gold to the local market contrary to the conditions and restrictions placed on such imports - HELD THAT:- The contentions of the appellant that the gold is in crude form and does not bear foreign marking, and hence it is not yet proved to be of foreign provenance. The same has been seized as a part of investigation from the appellant’s premises. Appellant claims to have provided proof of their licit origin and of having been properly recorded in their books of account and informed to the Department in their periodic returns, but these could only be considered during adjudication and hence, no views expressed at this stage. But the matter has not been adjudicated even after a lapse of more than one and half years - the balance of convenience would be to ensure that the Department’s interests are secured while the appellant is also allowed to continue with its business. The Hon’ble High Court of New Delhi in its judgment in Its ADDITIONAL DIRECTOR GENERAL (ADJUDICATION) VERSUS M/S. ITS MY NAME PVT. LTD. [2020 (6) TMI 72 - DELHI HIGH COURT] has held that the power and jurisdiction of the Tribunal hearing the appeal, is coequal with the powers exercised by the adjudicating authority. The Hon’ble High Court has held that a Bank Guarantee of an amount of around 30% of the value of the goods seized along with a Bond for the full value of the seized goods containing an auto renewal clause to be a sufficient safeguard for the interest if Revenue. It would serve the interest of the Revenue and the appellant to follow the said terms and conditions while ordering release of the impugned goods provisionally as per Section 110A of the Customs Act 1962 - the release of the seized goods is ordered, for which the appellant may furnish a bond, for the full value of the seized goods, along with a Bank Guarantee containing an auto renewal clause for an amount of 30% of the value of the seized goods subject to the condition that the premises of the appellant would be kept open for inspection by the Revenue, at all reasonable hours, and all utilization/sale of the gold/gold jewellery shall be duly accounted for. The impugned order is therefore set aside - appeal disposed off.
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