HC : Penalty cannot be imposed for goods non-production where bank guarantee/security duly furnished

HC disposes writ appeal, holds that non-production of goods is not a ground for imposition of penalty u/s 129 of IGST Act when assessee furnished bank guarantee for applicable tax and penalty and security equal to value of the goods; Distinguishes decision of this Court in Madhu M.B. as relied upon by Singh Judge to find that statutory mandate of production of goods has been upheld by Division Bench, and hence, there could be no further interpretation possible; Remarks t...