9911796707
TMI Blog2009 (3) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... anan, Special Counsel, for the Respondent. [Order per : M.V. Ravindran, Member (J) (Oral)]. This stay petition is directed against the waiver of the following amounts. (i) Total Customs duty of Rs. 5,65,57,788/- (Rs. 5,45,78,633/- on Capital goods Rs. 19,79,155/- on Raw materials); (ii) Excise duty of Rs. 7,02,408/-; and (iii) Penalty of Rs. 50,00,000/- 2. Heard both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re raw materials were not consumed by the applicant. It is his submission that the part of the raw materials was consumed and duty, if any, is payable only on the balance amount of raw materials lying in stock. 3.2 Finally, he would submit that the applicant is in severe financial crisis and the entire factory has been taken over by the Presiding Officer of Debts Recovery Tribunal, for fulfilmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otification No. 53/97, the appellant has executed a bond to fulfil export obligation, failure to fulfil such an obligation would attract the payment of duty which has been foregone by the revenue both on capital goods as well as on raw materials. 5. We have considered the submissions made at length by both sides and perused the records. 5.1 All the legal issues raised by both sides can be gone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of the considered opinion that the application for waiver of pre-deposit of the amounts involved needs to be allowed, only on the ground of severe financial hardship. Stay Application is allowed and recovery thereof stayed till the disposal of the appeal. On oral submissions made by both sides and noticing that the amount involved in this case is around Rs. 5.56 crores, we direct the registry ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
