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TMI Blog2005 (6) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... DR, for the Respondent. [Order per : S.L. Peeran, Member (J) (Oral)]. For the purpose of hearing the appeal, the appellants are required to pre-deposit duty amount of Rs. 3,71,62,320/- and also penalty of Rs. 4,21,62,320/- and individual penalties on the officers of Rs. 1 lakh each. The appellants have pleaded the merits of the case to be in their favour and also financial hardship. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estigated and their pleas have not been adverted to in their order thereby the order is not a speaking order which is clearly violative of Principles of Natural Justice. The Counsel further points out that the appellants are faced with financial hardship inasmuch as that the BIFR has declared the unit as sick one. They are faced with colossal loss of Rs. 314 crores. They do not have working capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned order, we are satisfied that the order is not a speaking order and violates the Principles of Natural Justice. The pleas urged by the appellants that the entries were wrongly done and later, correction was required in terms of the financial statements, has not been considered in the main order. They have contended that the Steel Melting Shop had been shut during the period and the laboure ..... X X X X Extracts X X X X X X X X Extracts X X X X
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