9911796707
TMI Blog1998 (3) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... . [Order per : K.S. Venkataramani, Member (T)]. Arguing on the Miscellaneous Application the ld. Counsel Shri S.N. Kantawala submitted that the Tribunal order directing the applicants to make deposit of Rs. 20 lacs out of the duty against them and Rs. 2 lacs out of the penalty has been received by them only on 17-1-1998. However, meanwhile the Department has taken recovery action and hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed out that the Profit Loss Account produced by them showed that they have Sales Income of over Rs. 112 crores; an amount of over Rs. 50 crores due to them from Sundry Debtors. The ld. DR also doubted the feasibility of permitting pre-deposit by reversal in Modvat account, since even according to them they have stopped the production and any amount so reversed will be dormant. 3. We have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to hold that sufficient material is placed before us for some modification in the stay order. Therefore in modification of stay order in respect of the applicant dated 2-12-1997, we direct that the applicants should make the pre-deposit of a total amount of Rs. 15 lacs, of which Rs. 7 lacs will be reversal in Modvat account, and Rs. 8 Lacs by cash on or before 31-3-1998. One compliance with suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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