https://www.taxtmi.com/caselaws?id=48060 The court directed the provisional release of seized goods under the Customs Act, 1962 to the petitioner upon furnishing a bank guarantee based on a specified valuation method and compliance with conditions set out in Annexure R-3. The court emphasized that goods cannot be detained indefinitely during proceedings, especially when more than 6 months have passed since seizure. The petitioner's contention regarding the stringent conditions for release was considered, and the court ordered the release of goods within a week of order receipt and bank guarantee submission, taking into account the local procurement aspect for determining the bank guarantee amount. An additional bank guarantee of Rs. One lac was required for seized finished goods in the factory. en-us Fri, 01 Dec 2006 00:00:00 +0530 Mon, 02 Aug 2010 14:05:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48060 The court directed the provisional release of seized goods under the Customs Act, 1962 to the petitioner upon furnishing a bank guarantee based on a specified valuation method and compliance with conditions set out in Annexure R-3. The court emphasized that goods cannot be detained indefinitely during proceedings, especially when more than 6 months have passed since seizure. The petitioner's contention regarding the stringent conditions for release was considered, and the court ordered the release of goods within a week of order receipt and bank guarantee submission, taking into account the local procurement aspect for determining the bank guarantee amount. An additional bank guarantee of Rs. One lac was required for seized finished goods in the factory. Case-Laws Customs Fri, 01 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48060