Approvals under s.153D found mechanical and invalid; s.153A/s.153D assessments quashed; s.68 additions deleted where books rejected and s.144 best-jud...
Writ petition disposed of by HC: petitioner permitted conditional re-export of imported goods subject to executing a bond for the total amount of any differential duty finally determined and furnishing a bank guarantee equal to 20% of the redetermined value. On compliance with these conditions, petitioner is directed to reexport the goods within twelve days of satisfying the bond and bank guarantee requirements. The court relied on its established approach permitting conditional release for reexport where adjudication can proceed to a monetary determination, instead of retaining goods in India, and expressly imposed the above safeguards to protect revenue while allowing reexport.
Writ petition disposed of by HC: petitioner permitted conditional re-export of imported goods subject to executing a bond for the total amount of any differential duty finally determined and furnishing a bank guarantee equal to 20% of the redetermined value. On compliance with these conditions, petitioner is directed to reexport the goods within twelve days of satisfying the bond and bank guarantee requirements. The court relied on its established approach permitting conditional release for reexport where adjudication can proceed to a monetary determination, instead of retaining goods in India, and expressly imposed the above safeguards to protect revenue while allowing reexport.
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