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2015 (12) TMI 868 - HC - Central ExciseWaiver of pre deposit - Demand of 10% pre deposit of penalty - Held that:- Factory premises of M/s. Amba Re-rolling Mill Pvt Ltd has already been closed down since 2009. The balance sheet of the Company reveals that there is a loss of ₹ 4,20,789/- during the assessment year 2011- 12. CESTAT, Kolkata has also pointed out this fact at per paragraph 15 of the order dated 3rd of July, 2012 which is under challenge. Nonetheless, the Tribunal has pointed out that current asset of this company is approximately ₹ 3.00 Crores as on 31st March, 2011, and, therefore, 10% penalty has been ordered to be deposited by this appellant. - As the penalty imposed personally upon this appellant of 10% is absolutely reasonable amount to be deposited by this appellant, counsel for the appellant is ready to deposit ₹ 10.00 lakhs within four weeks on the condition that the appeal preferred by this appellant before the CESTAT, Kolkata is revived and the same will be decided on its own merits. - Decided in favour of assessee.
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