2015 (1) TMI 709

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....The appellants could not fulfil their export obligations and as such, Bank Guarantee given by them was encashed by the Revenue on 21-3-2006. Subsequent to encashment, they completed the export obligations during the period 2009-2010. As a result, the Bank Guarantee given by them was cancelled by the Revenue on 26-6-2010. Inasmuch as the same was already encashed, the appellants claimed the refund ....

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....e was encashed in March, 2006, the refund claim filed on 19-7-2010 is barred by limitation and cannot be sanctioned. On the other hand, the contention of the appellants is that they could file the refund claim of encashed Bank Guarantee only after completion of export and after cancellation of the Bank Guarantee, which they did immediately. 4. In any case and in any view of the matter, I fin....

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....ns of law have to be treated in accordance with the law of limitation as prescribed under the Act. Apart from the fact that the said decision related to the normal refund of the duties paid by the assessee and there can be no quarrel about the legal position, the situation in the present appeal is entirely different. Apart from the fact that the assessee could claim the refund of Bank Guarantee en....