2007 (3) TMI 502

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..... SDR, for the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. We have heard both sides on the applications for waiver of pre-deposit of duty of Rs. 12,78,323/- and penalty of Rs. 6,00,000/- imposed upon M/s. Transasia Bio-Medicals Ltd. (hereinafter referred to as the importers) and penalties of Rs. 1,00,000/- on its managing director and Rs. 50,000/- on its executive (impor .....

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..... e classification under CTH 90.33 as laboratory re-agents and prima facie the demand cannot be raised, as has been done in the present case, without first challenging the assessment. As regards the second part of the demand, we note that a bank guarantee for 25% of the value of the goods (approximately Rs. 32 lakhs) has been furnished by the applicants and this would adequately safeguard the intere .....

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