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2010 (1) TMI 241 - HC - Central ExciseSettlement of case- Admission of application- The petitioner herein were served with the show cause-cum-demand notice dated 9th January, 2006 by the Commissioner of Central Excise, Thane-II demanding duty of Rs. 4,15,25,760/- besides demanding the penalty and interest under the provisions of the Act and Rules framed thereunder. The petitioner faced with the aforesaid show cause-cum-demand notice, finding it difficult to explain their financial transactions in its true letter and spirit, moved an application for settlement of case within prescribed time under Section 32(E) of the Act before the Settlement Commission, Mumbai. Held that- In case, the petitioner fails to deposit the aforesaid amount as directed within stipulated time, the Settlement Commission shall be at liberty to reject the application for settlement giving liberty to the Revenue to take appropriate action against the petitioner in accordance with law. In the result, rule is made absolute in terms of this order with no order as to costs.
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