https://www.taxtmi.com/caselaws?id=234729 Security for release of seized goods under the U.P. Value Added Tax Act is limited to an amount sufficient to cover the likely penalty, and the 40% figure operates only as a statutory ceiling. Where the Commissioner or Deputy Commissioner orders release on security, that order is appealable, and the Tribunal may confirm, cancel, vary, or set it aside and direct fresh consideration. On that scheme, the Tribunal may reduce the security below 40% of the estimated value if the circumstances justify a lesser amount. en-us Fri, 29 Apr 2011 00:00:00 +0530 Mon, 22 Sep 2014 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234729 Security for release of seized goods under the U.P. Value Added Tax Act is limited to an amount sufficient to cover the likely penalty, and the 40% figure operates only as a statutory ceiling. Where the Commissioner or Deputy Commissioner orders release on security, that order is appealable, and the Tribunal may confirm, cancel, vary, or set it aside and direct fresh consideration. On that scheme, the Tribunal may reduce the security below 40% of the estimated value if the circumstances justify a lesser amount. Case-Laws VAT and Sales Tax Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234729