Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstandinganything contained in this Act, where any person transports any goods or stores any goods while they are in transit in contravention of the provisions of this Act or the rules made thereunder, all such goods and conveyance used as a means o.ftransport for carrying the said goods and documents ?elating to such goods and conveyances shall be liable to detention or seizure and after detention or seizure. shall be released,- (a) on payment of the applicable tax and penalty equal to one hundred per cent. of the tax payable on such goods and, in case of exempted goods. on payment of an amount equal to two per cent of the value of goods or twenty five thousand rupees, whichever is less, where the owner of the goods comes forward for payment of such ?ax and penalty; (b) on payment of the applicable tax and penalty equal to the fifty per cent. of the value of the goods reduced by the tax amount paid thereon and, in case of exempted goods, on payment of an amount equal to five per cent of the value of goods or twenty five· thousand rupees, whichever is less, where the owner of the goods does ?ot come forward for payment of such tax and penalty; (c} upon furnishinga security equivalent to the amount payable under clause (a) or clause (b)in such form and manner as may be prescribed: Provided that no such goods or conveyance shall be detained or seized without serving an order of detention or seizure on the person transporting the goods. (2) The provisions of sub-section (6) of section 67shall, mutatis mutandis, apply for detention and seizure of goods and conveyances. (3) The proper officer detainingor seizinggoodsor conveyances shall issue a notice specifyingthe tax and penaltypayable and thereafter, pass an order for payment of tax and penalty under clause (a) or clause (b)or clause (c). (4) No tax, interest or penalty shall be determined under sub-section (2) without giving the person concerned an opportunity of being heard (5) On payment of amount referred in sub-section (1), all proceedings in respect of the notice specified in sub- section (2) shall be deemed to be concluded. · (6) Where the person transporting any goods or the owner of the goods fails to pay the amount of tax and penalty as provided in sub-section (I) within seven days of such detention or seizure, further proceedingsshall be initiated in terms of section 130: Detention, Seizure and release of goods and conveyances in transit 128 Provided that where the detained or seized goods are perishableor hazardous in nature or are likelyto depreciatein value with passage of time, the said period of seven days may be reduced by the proper officer.