2014 (3) TMI 135

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....dent : Mr. V. Sreedharan, Senior Advocate with Mr. Prakash Shah and Ms. Lakshami Menon Durgaparasd Poojari i/by PDS Legal ORDER PC: In this appeal the revenue challenges the order dated 27 January 2014 of the Central Excise and Service Tax Appellate Tribunal ("the Tribunal") directing the revenue to allow the vessel "Geo Hindsagar" to be taken out of India to Sultanate of Oman for a perio....

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....s. The vessel is an Indian Flag Vessel owned by an Indian Company. 4) The respondent filed an appeal and stay application before the Tribunal. By an order dated 17 May 2013 the Tribunal granted waiver of pre deposit of duty and penalty on the petitioner's continuing to keep the bank guarantee of Rs.9.24 crores as well as bond executed for the assessable value of the vessel being Rs.98.58 cr....

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....t the vessel back within a period of 6 months. 6) The order passed by the Tribunal on 17 May 2013 was not an order passed only in exercise of jurisdiction under Section 129E of the Customs Act, 1962 dispensing with requirement of depositing duty and penalty but also in exercise of its inherent powers as it stayed the order dated 14 February 2013 of the Commissioner of Customs in appeal before i....