2016 (8) TMI 1250

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.... which orders encashment of two bank guaranty totalling to Rs. 70,53,000/- executed by the applicant. Out of differential duty of Rs. 29,33,56,787/- confirmed against the applicant. They have already deposited Rs. 2,20,01,760/- and therefore, complied with the requirement of pre-deposit under Section 129E of the Customs Act, 1962. The applicants have relied on the Circular No. 984/8/2014-CX, dated 16-9-2014 to assert that the board has clarified that apart from the payments mandated under Section 129E of the Customs Act, no proceedings should be initiated against the assessee for any further payment. 2. The learned Counsel produced the bond executed by the appellant in terms of which the bank guarantee was given. The bank guarantee ....

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....after the enactment of the amended Section 35F of the Central Excise Act, 1944 or Section 129E of the Customs Act, 1962. 4.2 No coercive measures for the recovery of balance amount, i.e., the amount in excess of 7.5% or 10% deposited in terms of Section 35F of Central Excise Act, 1944 or Section 129E of Customs Act, 1962, shall be taken during the pendency of appeal where the party/assessee shows to the jurisdictional authorities : (i)      proof of payment of stipulated amount as pre-deposit of 7.5%/10%, subject to a limit of Rs. 10 crores, as the case may be; and (ii)     the copy of appeal memo filed with the appellate authority. 4.3 Recovery action, if any, can be initia....