Bank guarantee release follows final tribunal relief where no stay has been obtained against the order.

Where a Tribunal's final order has already set aside the impugned action and granted consequential relief, and no stay has been obtained from a higher forum, the Revenue is obliged to implement that order. Applying the Board's circular, the Tribunal stated that bank guarantees must be released within the stipulated time once the issue stands decided in favour of the assessee and no stay operates against the order. It therefore directed compliance with the earlier order and release of the bank guarantees within 10 days, failing which consequences would follow.

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Issues: Whether the Revenue was bound to release the bank guarantees in the absence of any stay of the Tribunal's final order.

Analysis: The Tribunal noted that its earlier final order had set aside the impugned action and granted consequential relief. It further noted the departmental position that no stay had been obtained from any higher forum. Relying on the Board's circular, the Tribunal held that when the issue has been decided in favour of the assessee and there is no stay, the Revenue is obliged to release the bank guarantees within the stipulated time.

Conclusion: The Revenue was directed to comply with the earlier order and release the bank guarantees within 10 days, failing which consequences would follow.

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