Detention & Seizure of Goods/conveyance Section 129

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....such goods or conveyance shall be detained or seized without serving an order of detention or seizure on the person transporting the goods. • Penalty in case of Detention or seizure • Goods detained can be released a) In case owner comes forward for the payment of penalty equal to - a) in case of taxable goods, • 200% of tax b)....

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....ce, even if owner failed to get the goods released [First proviso of section 129(6)] • Conveyance shall be released, if transporter can pay penalty of, Whichever is less a) Rs. 1 Lac .or  b) Penalty determined under section 129(3) Time limit for passing of order for payment of penalty within 7 days of notice  [Section 129(3) read ....

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....of tax and interest under section 73(8) or under section 74A(8)(ii), as the case may be, or tax, interest and penalty under section 74(8) or section 74A(9)(ii), as the case may be, within the period specified therein, or where the person concerned makes payment of the amount referred to in section 129(1) within seven days of the notice issued under sub-section (3) of that Section but before t....

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....r hazardous in nature or are likely to depreciate in value with passage of time, the said period of fifteen days may be reduced by the proper officer. Important Case Law • In the case of stock transfer, there is no liability of any payment of tax. Accordingly, there can be no intention to evade tax whatsoever. In the present case, the authorities did not dispute the fact that the m....