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2007 (11) TMI 577 - MADRAS HIGH COURTExemption under section 8(5) of the CST Act - Held that:- The intraocular lenses is exempt from tax and taking note of section 8(2A) of the CST Act, the petitioner has made out a prima facie case, and when the issue is pending before the appellate authority as regards the liability of the petitioner to pay the penalty, it would not be appropriate to impose stringent conditions on the petitioner. Having regard to the submissions that the petitioner has already paid 25 per cent of the disputed tax and complied with the first condition imposed in the conditional order of stay and the financial constraint expressed by the petitioner, it is suffice that the petitioner is directed to offer sufficient security in form of personal bond to the satisfaction of the assessing officer, in respect of the amounts due and payable towards balance of tax at ₹ 1,72,449 and penalty of ₹ 5,17,347, totaling of ₹ 6,89,796 (rupees six lakhs eighty nine thousand seven hundred and ninety six only), within a period of three weeks from today, failing which, the writ petition stands dismissed without further reference to this court.
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