9911796707
TMI Blog2008 (5) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... rightly pointed out by the ld. Advocate, other than properties in the name of the company, it would not be possible for any one to recover additional dues since the liability of the company will be limited to the assets available. The assets available have virtually been disposed of in the sense that one property has been disposed by IFCI Ltd. and the second property remains attached by the Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ient if 25% of the Customs duty confirmed and 25% of the duty confirmed as excise duty is to be deposited. Personal penalty of Rs. 1 crore under Customs Act and Rs. 75 lakhs under Rule 25 of Central Excise Rules was also ordered to be deposited. After a detailed consideration a conclusion had been reached that appellants have not been able to convincingly rebut each and every evidence produced by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that the unit at Ankleshwar has been sold by the IFCI Ltd. and the company has become a BIFR case. He also stated that the other properties situated at Silvassa have been attached by the Central Excise Department. He states that other than the property at Ankleshwar and Silvassa, the company has no other property whatsoever. They have no other assets also. Therefore, the requirement of pre-depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that one property has been disposed by IFCI Ltd. and the second property remains attached by the Central Excise Department. In this view of the matter, in the interest of affording a fair opportunity and also not to jeopardize the right to appeal, we feel that this request has to be considered favourably. 6. Accordingly, we waive the requirement of pre-deposit of duty and penalties imposed on M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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