2013 (10) TMI 946

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..... nal modified to the limited extent that if the petitioner deposits Rs.7 crores towards its assessed liability including the interest and penalty and furnishes irrevocable and unconditional bank guarantee for the balance amount, the Tribunal shall decide the petitioner's appeal on merits and in accordance with law. Reference made to the law laid down in Benara Valves Ltd. Versus Commissioner of .....

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..... preliminary hearing on 31.7.2012 when it was pointed out on behalf of the petitioner that the duty demand, interest and penalty assessed by the respondent-Authority approximately amounted to Rs.10 crores. Taking into consideration the totality of the circumstances and keeping in view the legislative intent behind Section 35-F of the Central Excise Act, 1944 and to strike balance between 'undue ha .....

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..... petition by modifying the order passed by the learned Appellate Tribunal to the limited extent that if the petitioner deposits Rs.7 crores towards its assessed liability including the interest and penalty within a period of six weeks and furnishes irrevocable and unconditional bank guarantee for the balance amount within four weeks thereafter, the learned Tribunal shall decide the petitioner's app .....

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