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TMI Blog2002 (8) TMI 501X X X X Extracts X X X X X X X X Extracts X X X X ..... A. Brahma Deva, Member (J) (Oral)]. This Stay application is filed by the applicants for the waiver of pre-deposit of duty amounting to Rs. 52,34,312/- and penalty of Rs. 3,50,000/- and stay of the recovery proceedings. 2. Heard both sides. 3. It was submitted by the Counsel that duty has been demanded from the Financial Corporation without making the loanee as the party to the proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the goods lying in a Customs Bonded Warehouse but have sold the same to a third party without de-bonding. Though the sale proceeds of Rs. 144.68 lakhs are liable for confiscation under the provisions of Section 121 of the Customs Act, 1962, as ordered by Hon ble High Court in judgment dt. 25-4-2001 and as the goods were allowed to be cleared under Court directions I do not propose to confiscate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the loanee and demanded from the APSFC since M/s. APSFC have not only taken possession of the goods lying in a Customs Bonded Warehouse but have sold the same to a third party without de-bonding liable to the disputed amount. 5. The Counsel submitted that the duty liability cannot be imposed on the purchaser of the goods in view of the decision of the High Court as reported in Andhra Prade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anee, it shall, out of the sale proceeds, pay the same. 7. Further, it was submitted by the Counsel that the Excise Department have also filed a writ petition (No. 2044/93) against the assessee (APSFC) before the High Court and the same is pending. He also fairly conceded that the outcome will throw light on the present dispute before the Tribunal. 8. On a careful consideration made by both s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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