TMI Blog2015 (1) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... curity of ₹ 2 lakhs only in lump sum and the security for the remaining amount of 30% by way of personal guarantee of the proprietor of the applicant firm – Decided partly in favour of petitioner. - Trade Tax Revision No. - 156 of 2014 - - - Dated:- 19-12-2014 - Hon'ble Manoj Kumar Gupta,JJ. For the Applicant : Shubham Agrawal, Mudit Agarwal For the Respondent : C.S.C. ORDER Heard counsel for the applicant and Sri Sanjeev Sankhdhar appearing on behalf of the Revenue. With their consent, this revision is being decided finally without formally admitting the same. The applicant was registered under the provisions of the U.P. Value Added Tax Act, 2008, hereinafter referred to as 'the Act', on 16.10.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leviable on beetle nut under Schedule II Part-A Serial no.9 is 4% and thus, the respondents were not justified in demanding a security of 40% of the value of goods. In this regard, he has placed reliance on a judgment of this Court in the case of M/s Godawari Steels, Ghaziabad Vs. Commissioner of Trade Tax 1999 U.P.T.C. 1046. He further submitted that in pursuance of the order of the Tribunal, the assessing authority is insisting upon the applicant to furnish security by way of fixed deposit receipts. It is contended that the same is in the teeth of the order of the Tribunal, which exempts the applicant from furnishing security in the nature of bank guarantee. He submits that in case, security is submitted by way of fixed deposit receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant appears to be on higher side. After some argument, learned counsel for the applicant as well as Sri Sanjeev Sankhdhar agreed that the applicant shall furnish security to the extent of ₹ 2 lakhs only in cash and the remaining security of 30% in the form of personal guarantee of the proprietor of the applicant firm. In view of the aforesaid joint statement by learned counsel for the parties, the order of the Tribunal dated 11.12.2014 is modified and it is provided that the goods shall be released in favour of the applicant on furnishing cash security of ₹ 2 lakhs only in lump sum and the security for the remaining amount of 30% by way of personal guarantee of the proprietor of the applicant firm. Subject to aforesa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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