2019 (9) TMI 20 - SCH - Central Excise

Misdeclaration of goods - Department observed that the respondent is mis-declaring one of the products that is Natural Gasoline Liquid (NGL) as Naphtha at the time of clearance from their factory premises - CESTAT decided the issue in favor of revenue - Held that - There shall be ad interim stay of the impugned judgment on the condition that the appellant deposits a sum of Rs. 20 crores in this Court and in addition furnishes security to the extent of Rs. 132 crores to the satisfaction of the Jurisdictional Commissioner. Liberty is granted to the respondent (revenue) to withdraw the afore-mentioned amount.

Summary

The Supreme Court granted an ad interim stay of the impugned judgment by the Customs, Excise and Service Tax Appellate Tribunal, New Delhi. The appellant must deposit Rs. 20 crores in court and provide security of Rs. 132 crores to the Jurisdictional Commissioner. The respondent has the liberty to withdraw the mentioned amount.