https://www.taxtmi.com/caselaws?id=267392 The Court quashed the requirement for a bank guarantee of 10% of the declared FOB value, imposed on the petitioner. Instead, the Court directed the petitioner to furnish a personal/surety bond equal to the declared value, allowing for the release of seized goods. The Court emphasized that the petitioner's readiness to provide the bond, coupled with no evidence questioning their ability to meet obligations, led to the decision. The Court clarified the adjustment of the deposited amount against liabilities and the potential refund if no liabilities were identified, while ordering the release of goods within two weeks. en-us Mon, 10 Aug 2015 00:00:00 +0530 Tue, 05 Jan 2016 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267392 The Court quashed the requirement for a bank guarantee of 10% of the declared FOB value, imposed on the petitioner. Instead, the Court directed the petitioner to furnish a personal/surety bond equal to the declared value, allowing for the release of seized goods. The Court emphasized that the petitioner's readiness to provide the bond, coupled with no evidence questioning their ability to meet obligations, led to the decision. The Court clarified the adjustment of the deposited amount against liabilities and the potential refund if no liabilities were identified, while ordering the release of goods within two weeks. Case-Laws Customs Mon, 10 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267392