Fresh examination of assessment and bank guarantee encashment ordered, with prior order withdrawn and refund relief limited to the balance.

The matter was directed for fresh examination by the Assessing Authority on the questions relating to encashment of the bank guarantee and the assessment proceedings, and the earlier order was treated as withdrawn. If any amount was found payable on reconsideration, only 25 per cent was to be deducted, with the balance refunded to the petitioner. The operative effect was a remand for reconsideration and partial refund relief subject to the reassessed liability.

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Issues: Whether the encashment of the bank guarantee and the assessment proceedings required reconsideration, and what consequential relief should follow.

Outcome: The matter was directed to be examined afresh by the Assessing Authority, the earlier order was treated as withdrawn, and if any amount was found due only 25 per cent was to be deducted with the balance refunded to the petitioner.

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