Jurisdictional validity: notice issued by a non jurisdictional officer invalidates reassessment where no formal transfer or independent verification o...
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The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
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