TMI Blog2022 (6) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 129(1) of the Act. Clauses (a) and (b) deal with the quantification of the penalty, clause (a) in the case of voluntary payment by the assessee and clause (b) in cases where the assessee does not come forward to remit the penalty. In either case, the remittance of the penalty is to be by way of security equivalent to the amount payable under clauses (a) or (b), furnished in the prescribed manner. Let the petitioners furnish bank guarantees for the amounts quantified in terms of the impugned notices dated 01.06.2022, in proper form, upon receipt of which, the goods shall be released forthwith by the Officer - Petition disposed off. - WP.Nos.14811 & 14813 of 2022 And WMP Nos.14009 & 14010 of 2022 - - - Dated:- 14-6-2022 - Hono ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s proceeded to reject the arguments of the petitioners, effectively passing orders adverse to interests of the petitioners. 5.Be that as it may, Mr.Harsha, would submit that orders are in the pipeline and will be passed expeditiously. All that remains as far as the present writ petitions are concerned, is as regards the release of the goods on a provisional basis and subject to statutory conditions. 6.The impugned notices, proceed on the basis that the penalty proposed is liable to be confirmed and call upon the petitioners to remit the amounts of penalty, within three (3) days from date of receipt of the notices under threat of action under Section 130 of the Central Goods and Service Tax Act, 2017 (in short 'Act') dealing wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tax amount paid thereon and, in case of exempted goods, on payment of an amount equal to five per cent. of the value of goods or twenty-five thousand rupees, whichever is less, where the owner of the goods does not come forward for payment of such tax and penalty; c. upon furnishing a security equivalent to the amount payable under clause (a) or clause (b) in such form and manner as may be prescribed: .........' 9.The statutory provision envisages detention and seizure, if the goods in question are found to have been conveyed in contravention of the provisions of the Act or Rules. Post such detention or seizure, the seized goods 'shall' be released subject to satisfaction of the conditions set out under clauses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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