1 wp-307-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL WRIT PETITION NO. 307 OF 2011 Albert Wilson Nadar ...Petitioner. Versus The State of Maharashtra and Anr ...Respondents ...... Shri Sanjay Bhatia, Advocate for the Petitioner. Ms M. H. Mhatre, A.P.P.for the State CORAM:- A.M.KHANWILKAR AND A.R.JOSHI, JJ. DATED:- 10th February, 2011. P.C. 1. Heard the learned Counsel for the Petitioner and the learned A.P.P. for the Respondent-State. 2. This petition takes exception to the order passed by the Controller of Rationing dated 15.12.2010, in particular, condition Nos. 1 and 3 thereof. Condition No.1 requires the petitioner to furnish Bank Guarantee to the extent of 50% of the prevailing market price of the vehicle in question. According to the petitioner, the prevailing market price of a new vehicle would be over Rs.7 lakhs. Whereas the vehicle in question is four years old, by now, and the depreciated value thereof 2 wp-307-11 would be little over Rs.1 lakh. 3. The petitioner submits that he has no difficulty in furnishing Bank Guarantee on the basis of depreciated/book value of the vehicle. Learned APP, on instructions, states that the condition plainly provides for furnishing Bank Guarantee to the extent of 50% of the prevailing market price of the concerned vehicle which presupposes that it should be depreciated value. However, she submits, on instructions of the Officer, that present market value of the vehicle would be around Rs.4 lakhs and above. We, therefore, called upon the petitioner to calculate the book value amount after deducting the permissible depreciation amount as per the provisions of the Income-tax Act. We are informed by Mrs Niti Punde, Special Public Prosecutor, who was incidentally present in the Court, who usually appears for the Customs as well as Income- tax Department for Union of India, that the permissible depreciation for the commercial vehicles for the first year is 16%, for the second year 12% and third year 10% and for subsequent years at 8% per annum . If it is so, the Bank Guarantee to be furnished by the petitioner would be on the basis of said depreciated value of the vehicle in question, which will be Rs. 2,85,909/-. In other words, Bank Guarantee of a Nationalized Bank should be not less than Rs. 1,43,000/- i.e. 50% of the stated amount. In view of the above, no fault can be found with 3 wp-307-11 Condition No.1, subject to what has been held by us in this order. 4. Insofar as Condition No.3 is concerned, it provides that till the criminal case is finally disposed of, the vehicle in question shall not be sold or third party interest created therein. Insofar as this condition is concerned, we find no infirmity therein as the vehicle is the subject- matter of the pending criminal case. 5. As no other grievance is made before us, petition is disposed of with observation that the concerned police official would release the vehicle on compliance of the condition specified in the order dated 15.12.2010 by the petitioner, subject to what is stated hereinabove. (A.R.JOSHI, J.) (A.M.KHANWILKAR, J.)