https://www.taxtmi.com/caselaws?id=43222 HC allowed the writ petition, holding that the Collector and Assistant Collector acted improperly in encashing the bank guarantees before expiry of the statutory three-month period and despite being informed that the assessee's stay application was fixed for hearing. The Court directed the revenue authorities to refund, within ten days, the entire amount realized by encashment of the bank guarantees. Upon receipt, the assessee must furnish fresh bank guarantees in favour of the Collector within two weeks. The bank guarantees shall continue until disposal of the stay application, and if the Tribunal rejects stay, its order shall not be executed for two weeks. The Tribunal was directed to decide the stay application expeditiously. en-us Fri, 10 Apr 1992 00:00:00 +0530 Thu, 11 Dec 2025 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43222 HC allowed the writ petition, holding that the Collector and Assistant Collector acted improperly in encashing the bank guarantees before expiry of the statutory three-month period and despite being informed that the assessee's stay application was fixed for hearing. The Court directed the revenue authorities to refund, within ten days, the entire amount realized by encashment of the bank guarantees. Upon receipt, the assessee must furnish fresh bank guarantees in favour of the Collector within two weeks. The bank guarantees shall continue until disposal of the stay application, and if the Tribunal rejects stay, its order shall not be executed for two weeks. The Tribunal was directed to decide the stay application expeditiously. Case-Laws Central Excise Fri, 10 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43222