Bank guarantee for release of seized valuables must be unconditional, irrevocable and cover full departmental valuation. Release of seized valuables against a bank guarantee is allowed provided the guarantee is unconditional and irrevocable, covers the full departmental valuation, remains valid until assessment proceedings are complete and taxes are collected, is enforceable by the Department at any time, and the seized assets do not have specific evidentiary value for prosecution.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank guarantee for release of seized valuables must be unconditional, irrevocable and cover full departmental valuation.
Release of seized valuables against a bank guarantee is allowed provided the guarantee is unconditional and irrevocable, covers the full departmental valuation, remains valid until assessment proceedings are complete and taxes are collected, is enforceable by the Department at any time, and the seized assets do not have specific evidentiary value for prosecution.
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