TaxTMI 
TaxTMI 
2010 (8) TMI 339
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....ppellants have filed these appeals against the order wherein the Commissioner of Customs (Preventive), Mumbai has sanctioned the provisional release of goods seized pertaining Shipping Bills No. 8326817 and 832887 on execution of bond and furnishing of the bank guarantees. 2. Brief facts of case are that the appellants are engaged in the business of manufacturing and export of stainless st....
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....goods should be released provisionally and allowed to be exported on execution of a bond for an amount equivalent to the value of seized goods and probable fine and penalty which might be imposed. However, no export benefits shall be allowed in such cases until the matter is finally decided and the bond to be executed for provisional release shall contain a clause to this effect. He also submitted....
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....cation has taken place in this case to confirm duty and penalty on the appellants. It is a case of provisional release of the goods by imposing certain conditions, hence the matter can be heard by this Bench. Accordingly, I take up the matter for final disposal. 7.1 As per para 2.42.1 of Foreign Trade Policy, it is clear that - "No seizure of stock shall be made by any agency so as to disrup....
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.... in such cases until the matter is finally decided, and the bond to be executed for provisional release shall contain a clause to this effect." 7.2 By reading the said Circular it is clear that the goods are to be released provisionally on execution of a bond for an amount equivalent to the value of the seized goods and probable fine and penalty which might be imposed. No where in the Circ....