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TMI Blog2008 (1) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... of gold ornaments. First petitioner claims that the second petitioner is its employee. It is the claim of first petitioner Company that it effects large scale sale of gold ornaments to various reputed gold merchants and traders. It is further stated that it is an assessee under the provisions of the Kerala Value Added Tax Act and Central Sales Tax Act. It is its further case that the gold ornaments are principally manufactured in West Bengal and from their stock, it was transferred to Chennai, and its further case is that the gold ornaments required in Kerala are usually stock transferred from Chennai to Cochin. 4. Case of first petitioner is that the goods sent from Chennai to Kerala through the second petitioner was seized by the Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuting Bank Guarantee for 70% of the value of the goods and on both petitioners jointly executing a simple bond without surety for the balance 30% in favour of the first respondent. 8. Aggrieved by the orders passed by the learned Single Judge, the petitioners are before us in this Writ Appeal. 9. Shri T.N. Seetharaman, learned counsel appearing for the appellants, after arguing the matter for quite some time, may be knowing the mind of the court, would submit that the first petitioner shall deposit a sum of ₹ 24 lakhs for the present and that amount may be adjusted towards the tax liability that may be determined by the respondents either against the first or second petitioner and on such payment, this Court may direct the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the first respondent within fifteen days from today. If such deposit is made, the first respondent is directed to release the gold ornaments seized on 24.7.2006 either in favour of the first petitioner or in favour of the second petitioner. (3) Liberty is reserved to the Income Tax Department to recover any amount that may be found due after completing the assessment proceedings either against the first petitioner or the second petitioner. (4) First respondent is directed to complete the assessment proceedings initiated against the first or the second petitioner as expeditiously as possible and, at any rate, within six weeks from today. With these observations and directions, the Writ Appeal is disposed of. Ordered accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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