https://www.taxtmi.com/caselaws?id=162756 A sustained statutory penalty remains recoverable from the liable party even if the department released the security bank guarantee. The court held that release of the guarantee did not extinguish the penalty liability or justify a stay of recovery proceedings. Any loss alleged from the improper release of security had to be pursued in appropriate proceedings against the responsible parties, rather than by blocking recovery. The court also noted that the release of the bank guarantee without proper security warranted departmental enquiry and further action if necessary, while recovery of the sustained penalty could proceed. en-us Tue, 07 Sep 2004 00:00:00 +0530 Thu, 13 Mar 2014 16:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162756 A sustained statutory penalty remains recoverable from the liable party even if the department released the security bank guarantee. The court held that release of the guarantee did not extinguish the penalty liability or justify a stay of recovery proceedings. Any loss alleged from the improper release of security had to be pursued in appropriate proceedings against the responsible parties, rather than by blocking recovery. The court also noted that the release of the bank guarantee without proper security warranted departmental enquiry and further action if necessary, while recovery of the sustained penalty could proceed. Case-Laws VAT and Sales Tax Tue, 07 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162756