DRI @ the speed of light
The DRI conducted a raid and made a spot realisation of Rs. 2 Crores - (voluntarily by the party). After that, seized goods were ordered to be released on payment of balance of duty and execution of Bank Guarantee. The importer challenged this in the High Court and got relief. In the writ petition, the petitioner claimed refund of the said amount of Rs. 2 crores, release of goods and for quashing of the seizure memos. A perseverant DRI took the matter to the Supreme Court which remanded the case to the High Court and the High Court yesterday decided the issue in favour of the Revenue - This long battle concluded just in a matter of about three months
And true to our standards, we bring you this important judgement delivered yesterday. (a little self patting may be excused)
See Breaking News for the details