https://www.taxtmi.com/caselaws?id=326020 Cash paid in substitution of a bank guarantee, under a specific assurance that it would be refunded if the levy challenge succeeded, was held refundable once the underlying luxury tax levy was struck down. The court treated the payment as distinct from tax already collected, because it was made only in place of the guarantee that the authorities had originally required. The State could not rely on the same assurance to retain the amount after the levy failed. The refusal to grant refund was therefore unsustainable, and the assessee was entitled to repayment. en-us Thu, 14 Jan 2016 00:00:00 +0530 Tue, 17 Jan 2017 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326020 Cash paid in substitution of a bank guarantee, under a specific assurance that it would be refunded if the levy challenge succeeded, was held refundable once the underlying luxury tax levy was struck down. The court treated the payment as distinct from tax already collected, because it was made only in place of the guarantee that the authorities had originally required. The State could not rely on the same assurance to retain the amount after the levy failed. The refusal to grant refund was therefore unsustainable, and the assessee was entitled to repayment. Case-Laws VAT and Sales Tax Thu, 14 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326020