Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 167 - CESTAT CHENNAIApplication for modification of stay order - Undervaluation of the goods - applicant sold the goods to their two dealers, who are related persons, much lower than the price of the unrelated persons on the same day - Held that:- The documents placed by the applicants with the Miscellaneous Application cannot be a basis for modification of the stay order. The balance sheet submitted by the applicant would show huge profit. It is pleaded in the instant application that there is outstanding trade creditors of over ₹ 2.90 Crores whereas the receivables amount to over ₹ 34 Crores. It is also pleaded that the applicant has outstanding loans of over ₹ 49.65 Crores. It is seen from the Balance Sheet that the applicant earned net profit of ₹ 27627962.52. The Ld. Advocate relied upon the decision of the Tribunal in the case of Reliable Poly FIB (I) Ltd. Vs. CCE, Surat [2004 (4) TMI 397 - CESTAT, MUMBAI]. He has also placed the decision of the Tribunal in the case of Indotex Machinery Works Vs. Asst. Collector of CE & Others [1986 (1) TMI 114 - HIGH COURT OF JUDICATURE AT MADRAS], whereby it has been held that stay refused once does not operate as res judicata if party renew request for stay by placing necessary material for justification of the interim relief earlier refused. In the present case, we find that the documents placed by the applicant are new evidences, which were not placed before the Commissioner during the adjudication proceedings at any point of time. So, such evidences cannot be accepted in the Application for Modification of the stay order. - However, time period of making pre deposit is extended - Decided partly in favour of assessee.
|