falsely describes such product or service; or (ii) gives a false guarantee to, or is likely to mislead the consumers as to the nature, substance ... goods or services; (g) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product
year 2014-15 for construction of road
and has executed Bank Guarantee for Rs.95.00 lacs on dated ... petitioner the Department proceeded to
recover the amount by invoking the Bank Guarantee.
3. The petitioner would contend that it has executed the entire
contract
date and the amount
which are reproduced as under:
Bank Guarantee No. 1001/03/100G dated 16 th
February, 1983
“We, GRINDLAYS BANK ... SUPPLIER with and exclusion of any action in Court by
SUPPLIER.”
Bank Guarantee No. G/1001/84/608 dated 29 th
August, 1984
“We, GRINDLAYS
facts in this case, it is undisputed that the bank
guarantee that was furnished for Rs. 42.14 lakhs by Respondent
No. 2 before ... this deficiency by adding a period of 34 months to the bank
guarantee which was valid for 6 months only. The aforesaid bid
made
have the goods. I will see that you are paid."
1. Guarantee
2. Bailment
3. Indemnity
4. Pledge
35. The answer key states that ... 2019 and connected matters Page 15 of 30
126. "Contract of guarantee", "surety", "principal debtor" and
"creditor
State Bank
of India were furnished to the appellant. The bank guarantee in the amount of Rs
5,00,000 was in order to secure ... respondent in terms of the
applicable environmental standards. The bank guarantee covered Part C of the
directions that were issued on 26 August 2011 which
Valerius Industries vs Union Of India on 28 August, 2019
Equivalent citations: AIRONLINE 2019 GUJ
Additionally, the liability under DPA was also secured
by a Bank Guarantee (BG) for an amount of INR 7 crore provided by
Respondent ... hence it should be directed to furnish a
security or a Bank Guarantee to secure the outstanding amount.
Facts leading to the present dispute
addition by the ld. CIT (A) made by TPO/AO for guarantee
fees of Rs. 60,16,500/- for providing a guarantee by the assessee ... pharmaceuticals business. The TPO during the proceedings found that assessee
has provided guarantee on loan taken by its Associated Enterprises. The details
made
by TPO to the extent of 3% of the amount of guarantee given by the
assessee on behalf ... extent of 3% of the amount of guarantee given by the
assessee on behalf of Associated Enterprises (AE). On this issue the TPO noted
that
