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Issues:
Mis-declaration and valuation of imported goods, financial position of the appellants, grant of stay application, pre-deposit of penalty amount, out of turn hearing of the main appeal. Analysis: 1. Mis-declaration and Valuation of Imported Goods: The appellants contested the mis-declaration and valuation allegations concerning the imported video magnetic tapes. The advocate argued discrepancies in the assessed value compared to the declared value, citing technical defects in the adjudicating authority's order. Reference was made to the Order-in-Original and the Collector's observations. The advocate also questioned the reliability of the test report from Hindustan Photo Films, emphasizing the lack of disclosure of the liaison officer's qualifications. Legal precedents were cited to support the argument that contemporaneous imports used by the Collector for comparison were not valid within a specified timeframe. The issue was deemed contentious and arguable, with the Tribunal noting the financial position of the appellants and the profitability of M/s. Zoom Films. 2. Financial Position of the Appellants: The financial standing of the appellants, including M/s. Zoom Films and individuals, was a crucial aspect considered by the Tribunal. The provisional balance sheet of M/s. Zoom Films indicated a net profit, and cash balances were disclosed. The Tribunal observed that the merits of the case were debatable, and the liquidity position of the appellants was evaluated based on legal principles established in previous judgments. The Tribunal recognized the provisional nature of a stay order and the need to assess undue hardship in requiring pre-deposit of penalty amounts. Ultimately, a specific pre-deposit amount was determined for each appellant, with conditions for compliance within a specified timeframe. 3. Grant of Stay Application and Pre-Deposit of Penalty Amount: The Tribunal deliberated on the stay applications filed by the appellants and the pre-deposit of penalty amounts. Considering the financial circumstances and the contentious nature of the case, the Tribunal dispensed with a full pre-deposit requirement for certain appellants but specified partial pre-deposit amounts for others. Compliance deadlines were set, and failure to adhere to the conditions would result in the automatic vacation of the stay order. The Tribunal also directed that during the appeal's pendency, revenue authorities should refrain from pursuing recovery proceedings for the remaining penalty amount. 4. Out of Turn Hearing of the Main Appeal: The advocate representing the appellants requested an out of turn hearing for the main appeal due to the detention of the goods. However, the Tribunal highlighted the necessity for the appellants to address the provisions of Section 129E of the Customs Act, 1962, before seeking an expedited hearing. The appellants were advised to follow the prescribed procedure and approach the Tribunal for an out of turn hearing after meeting the statutory requirements. This detailed analysis encapsulates the key legal issues, arguments presented, Tribunal's considerations, and the final decisions rendered in the judgment by the Appellate Tribunal CEGAT, New Delhi.
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