High Court Rules Bank Guarantees are Obligations, Not Securities; No Refund Allowed After Dismissing Petitions.

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....Refund - unjust enrichment - The bank guarantees were undoubtedly securities to safeguard the interest of the Revenue but, once the High Court dismissed the petitions and vacated the interim relief, the duty became payable as on that date - at that stage, it was in the nature of duty and not a security - Refund not allowed - HC....