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TMI Blog2013 (8) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... ation should be extended to them – Held that:- The demand of around Rs.One crore fall within the normal period of limitation, they were directed to deposit the said amount within the period of 10 weeks (period suggested by learned Advocate). As regards, the financial condition, appellants have not placed any document/evidence on record reflecting upon their poor financial condition - Two letters addressed to the Bank exchequer, throws no light on their actual financial condition - On the other hand, the report of jurisdictional Additional Commissioner (Rev) is very clear indicating progress in business of the appellant inasmuch as the production is admittedly higher than the previous corresponding period and payment of duty is also on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention raised before the Tribunal was that there was no malafide or mis-statement or suppression with intent to evade payment of duty on the part of the applicant and as such, the benefit of limitation should be extended to them. The said plea of the appellant was accepted by the Tribunal by observing that prior to declaration of law by the Larger Bench decision, decisions were in favour of the assessee and as such, no malafide can be attributed to them. As such, by taking into account that the demand of around Rs.One crore fall within the limitation, they were directed to deposit the said amount. It may be specifically mentioned here that applicants never pleaded financial hardship before the Tribunal at the time of hearing of the stay pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t produced any profit and loss account on record or their balance sheet to reflect upon their poor financial condition. They have only produced two letters written by them addressed to Punjab National Bank and Karnataka Bank Ltd. On going through the said two letters we find that overdraft limit from the Bank is Rs.700 crores, Inland LC is Rs.600 crores and term loan is Rs.2310 crores. As against the above, the appellants outstanding balance as on 29.2.12 is Rs.682.43 crores, Rs.600 crores, and Rs.1771.98 crores, totally amounting to 3054.41 crores. However, on being questioned learned advocate has not been able to give the detailed particulars about the date of withdrawal of such limits and the period for which such outstanding balance are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .CDR is that applicants financial condition is not that bad so as to be unable to deposit an amount of Rs. One crore. 8. At this stage, learned advocate placed on record decisions of Andhra Pradesh in the case of M/s. NCL Industries Ltd. vs. CCE, Hyderabad reported as vide which the directions to deposit an amount of Rs.2.5 crores on identical ground was reduced to Rs.50 lakhs. 9. After appreciating the submissions made by both the sides, we find that law on the disputed issue stand declared by the Larger Bench in the case of Vandana Global Ltd. against the assessee. The said decision of the Larger Bench in the case of Vandana Global has not been set aside or stayed by any higher appellate forum. As such, the Revenue's case stand on a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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