TMI Blog2017 (1) TMI 687X X X X Extracts X X X X X X X X Extracts X X X X ..... d in that event first respondent would not precipitate the matter - Held that: - Till disposal of the said application, first respondent shall not encash the bank guarantee and in the event of cheque having been issued by second respondent – Bank, same shall not be presented for its encashment - Writ petition stands disposed of by reserving liberty to the petitioner herein to file a second appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under the Companies Act engaged in the business of manufacturing and selling Automated Teller Machines spare parts and is a registered dealer under the Karnataka Value Added Tax Act, 2003 ( KVAT Act for short) and the Central Sales Tax Act, 1956 ( CST Act for short). On 10.03.2016 a notice came to be issued to the petitioner for production of books of accounts under Section 52(1) of KVAT Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e satisfaction of first respondent within 15 days of receipt of the order and reserved liberty to first respondent to initiate proceedings to recover the balance deposited amount if such bank guarantee is not furnished. Accordingly, petitioner is stated to have furnished bank guarantee by executing it in favour of Government of Karnataka, acting through first respondent for ₹ 10,09,89,118/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... continuing to keep the bank guarantee alive, till appellate Tribunal dispose of the application that may be filed by petitioner for stay of the disputed tax demand, first respondent would not precipitate the matter. His submission is placed on record. Petitioner s counsel would also submit that bank guarantee would be issued accordingly. 6. By placing said submission on record, I proceed to pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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