Dealer Provides Security for Goods u/s 129; Bank Guarantee Ensures Tax and Penalty Coverage Without Goods Penalty.

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Full Text of the Document

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....Confiscation of goods - invocation of Section 129 - The dealer has also furnished a security equivalent to the value of the goods. There is, hence, no question of the applicable tax and penalty being not paid, since at any time the bank guarantee could be enforced - the non-production of goods as noticed in the order is not a ground for imposition of penalty....