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2024 (5) TMI 477 - CESTAT KOLKATASeeking Provisional release of four gold bars - seizure - Whether the 4 gold bars seized from the employees of the appellant company are the gold bars purchased by the appellant company from M/s. HDFC or not - HELD THAT:- We hold that the appellant has prima facie established the correlation between the 4 kgs. of gold bars purchased by them from M/s. HDFC Bank Ltd. and the gold seized by the Officers on 11.10.2023. The present proceedings are only related to provisional release of the seized gold. The documents submitted by the appellant prima facie establish a correlation between the 4 gold bars purchased by them from M/s. HDFC Bank Ltd and the 4 gold bars seized by the officers. Thus, the 4 gold bars seized can be released provisionally, subject to certain conditions to safeguard the interest of the Revenue. We observe that this Tribunal has already passed an order dated 20.02.2024 for release of the gold with certain conditions as observed at paragraph 2.1. of this order (supra). As the conditions are found to be reasonable, we hold that the appellant should fulfil the same conditions for provisional release of the gold. Since the present proceedings are in connection with provisional release of the gold in question, we refrain from expressing any opinion about the merits or otherwise of the issue, which shall be decided at the time of adjudication by the ld. adjudicating authority. Accordingly, we order for provisional release of the 4 seized gold bars on the condition that the appellant provides a Bond for the full value of the seized gold supported by Bank Guarantee to the extent of 25% of the value of the seized goods. The Department is directed to release the gold on provisional basis to the appellant, subject to fulfilment of the above conditions. The appeal is disposed of on the above terms.
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