9911796707
TMI Blog2024 (5) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal) dated 25.4.2024. By the said order the learned Tribunal has directed release of the seized goods unconditionally. The respondent had imported cutting blades which were detained on the ground that there is under valuation and since the respondent wanted clearance of the goods, an application was filed under Section 110A of the Customs Act, 1962 for grant of provisional release of the seized goods. The adjudicating authority by order dated 1.12.2023 directed provisional release of the goods subject to two conditions (i) execution of bond for full estimated value of goods, that is, Rs. 1,62,15,519 (ii) submission of bank guarantee/cash deposit for Rs. 65,00,000/- to cover the estimated differential duty probable fine and penalty. Aggrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns under their charge. Difficulties, if any, in implementation of the aforesaid guidelines may be brought to the notice of the Board. Hindi version follows." 3. It is submitted that in terms of the above Circular the period of limitation prescribed under Section 110 (2) of the Act shall remain applicable and has to be strictly adhered to. To be noted that the Circular was issued on 8.2.2017 whereas the amended Section 110 which came into effect on 29.3.2018 has added two provisos of which the second proviso would be relevant for the case on hand which is as follows : "Provided further that where any order of provisional release of the seized goods has been passed under Section 110A, the specified period of six months shall not apply". ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/- in respect of the second condition. 8. Accordingly, while allowing the appeal filed by the department and answering the substantial questions of law in favour of the department, the condition imposed by the adjudicating authority for provisional release is modified to the extent indicated hereunder: (i) The respondent shall execute a bond for the fully estimated value of the goods, that is, Rs. 1,62,15,519/-. (ii) The respondent shall furnish bank guarantee/cash deposit for Rs. 25,00,000/-. (iii) The respondent shall furnish a bond for a sum of Rs. 40,00,000/-. 9. The respondent in compliance of the above three conditions to the satisfaction of the department, the seized goods shall be provisionally released within a perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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