1989 (12) TMI 339

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....s Tax Rules, 1959. Rule 31 provides for the furnishing of security and it is in the following terms: "31 (1). Where it is provided in the Act that an appellant (or an applicant in revision proceedings). shall furnish security in regard to the payment of tax, or fee or other amount, the appellant (or applicant) or any person on his behalf shall furnish personal or property security, along with a....

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....the bank guarantee as the case may be, shall be void and of no effect. Otherwise, it shall remain in full force and effect until the expiry of three months from the date of receipt of the appellate or revisional order by the appellant/applicant. The security bond shall thereafter be released by necessary endorsement on the original and returned to the appellant/ applicant. The bank guarantee fu....

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....or which stay has been granted is fully paid." A reading of the rule clearly shows that the assessee is to furnish security in regard to the payment of tax or fee or other amount along with a security bond in form XIX as the authority before which the appeal or application is preferred may, in its discretion, direct. The rule does not say that it should be to the satisfaction of the assessing a....