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TMI Blog2016 (8) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... oner (AR), for the Respondent. ORDER [Order per : Raju, Member (T)]. - The applicant, M/s. Hindustan Platinum Pvt. Ltd. have filed this application seeking to prevent Revenue from encashing bank guarantee executed by the appellant. The applicants are in appeal against Order-in-Original dated 29-2-2016 which orders encashment of two bank guaranty totalling to Rs. 70,53,000/- executed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e export consignments. Accordingly, the live consignments covered under two shipping bills were released provisionally after obtaining a bond and bank guarantee. The goods were allowed to be exported thereafter. 3. The learned AR for the Revenue argued that the export goods have been confiscated by the impugned order and an option for redemption of goods on payment of fine of Rs. 5.00 crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment during the pendency of stay applications or appeals with the appellate authority. This Circular would not apply to cases where appeal is filed after the enactment of the amended Section 35F of the Central Excise Act, 1944 or Section 129E of the Customs Act, 1962. 4.2 No coercive measures for the recovery of balance amount, i.e., the amount in excess of 7.5% or 10% deposited in terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss the order of the Tribunal is stayed by the High Court/Supreme Court. The recovery, in such cases, would include the interest, at the specified rate, from the date duty became payable, till the date of payment. 5.1 It can be seen that Para 4 of the said circular only prevents the recovery of the balance amount of duty and penalty and does not talk about the recovery of other dues. The Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on has to be allowed and the concerned Commissioner is required to be directed to encash the bank guarantee to the extent of redemption fine and bank guarantee for the rest of the amount cancelled. The Commissioner is directed to do so within a month from the date of the communication of this order. 5.2 It is seen that the bond has been executed to safeguard any fine that may be adjudged in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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