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2015 (9) TMI 28 - DELHI HIGH COURT

2015 (9) TMI 28 - DELHI HIGH COURT - 2015 (319) E.L.T. 430 (Del.) - Execution of Bank Guarantee Release of goods Petitioner challenges calculation which relates to execution of bank guarantee for provisional release of goods Petitioner was willing to furnish bank guarantee equivalent to 30% of differential value of duty calculated by respondent Held that:- Supreme Court in Commissioner v. Navshakti Industries Ltd. [2011 (5) TMI 149 - SUPREME COURT] directed provisional release of subject .....

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i Riyadarshi Manish and Rahul Ranjan, Advocates, for the Appellant. Shri Kamal Nijhawan, Senior Standing Counsel with Sumit Gaur, Advocate, for the Respondent. ORDER Mr. Nijhawan has reverted with instructions. He says that the calculation with regard to Condition No. 2(ii), which relates to execution of bank guarantee in the sum of ₹ 77,70,795/- for provisional release of goods in issue has been arrived at, in the following manner :- Assessable value of the goods arrived as suggested in S .....

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above, differential duty leviable is a sum of ₹ 44,40,454/-. 3.1 Therefore, if the submission of the petitioner is accepted then the bank guarantee amount equivalent to 30% of the said amount, i.e., ₹ 44,40,454/-will have to be furnished by it. 4. Mr. Nijhawan does not dispute the fact that a Division Bench of this Court in Zest Aviation Pvt. Ltd. v. Union of India - 2013 (289) E.L.T. 243 (Del.) has, following the decision of the Supreme Court in the case of Commissioner v. .....

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