https://www.taxtmi.com/caselaws?id=755395 An amount directed under an interim release order to be furnished as security for seized goods retained the character of a deposit and was not treated as substantive payment, because the wording showed it was intended to safeguard revenue pending adjudication. The cash component, therefore, could not be adjusted as if it were a completed payment unless the order or surrounding facts clearly indicated that effect. Owing to uncertainty over the actual payment position and the impact of the penalty component under the settlement scheme, the matter required fresh consideration by the Tribunal on the settlement and penalty questions. en-us Tue, 09 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 08:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755395 An amount directed under an interim release order to be furnished as security for seized goods retained the character of a deposit and was not treated as substantive payment, because the wording showed it was intended to safeguard revenue pending adjudication. The cash component, therefore, could not be adjusted as if it were a completed payment unless the order or surrounding facts clearly indicated that effect. Owing to uncertainty over the actual payment position and the impact of the penalty component under the settlement scheme, the matter required fresh consideration by the Tribunal on the settlement and penalty questions. Case-Laws VAT and Sales Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755395