9911796707
TMI Blog2014 (2) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were seized and lying in the godown of the appellant; re-determined the value of the imported goods at Rs.4,43,33,394/-; confirmed the demand of differential duty of Rs.59,53,000/- short-paid/ evaded by the appellant Euro Asia Global by mis-declaration and under-invoicing and directed recovery of the assessed differential duty from Shri Sangit Agrawal and M/s Euro Asia Global; directed levy of interest; ordered confiscation of the goods covered by 10 bills; imposed redemption fine of Rs.60 lakhs in lieu of confiscation of the goods; imposed penalty of Rs.59,53,000/- for the specified omissions and commissions; and imposed a penalty of Rs.20 lakhs on Shri Sangit Agrawal under specified provisions of the Customs Act, 1962 and the Customs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18.3.2013 after observing that a prima facie case is made out in favour of the appellant and considering the interest of Revenue as well, this Tribunal directed pre-deposit by Euro Asia Global, of 25% of the cumulative demand of duty specified in the two Orders-in-Original dated 26.3.2011 and 30.4.2012 bearing reference Nos.16/2011 and 11/2012, within eight weeks. A default clause was also incorporated. 3. Aggrieved by the pre-deposit order, M/s Euro Asia Global preferred an appeal to the Delhi High Court in Customs Appeal No. 10/2013. The appeal was disposed of by the order dated 17.5.2013. Before the High Court, the counsel for the appellant appeared to have urged that though appeals of the financial hardship were asserted before this T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were not furnished. According to an analysis by the Commissioner, from a perusal of the documents which came to his notice, Mr. Sangit Agrawal had transferred 40,000 shares of Saara Sales Pvt. Ltd. in favour of his son Shri Ravi Agarwal during the financial year 2011-12. The value of these shares as per the audited balance sheet as on 31.3.2011, is stated to be Rs.1,45,31,553/-. The value of these shares though transferred in favour of his son by Mr. Sangit Agrawal was therefore treated as assets of Mr. Sangit Agrawal. This report also refers to the value of some agricultural land including agricultural land in Issapur Village, Delhi to the extent of 71 Bighas value at Rs.7,52,60,000/-. The report also refers to the statement of Mr. Agrawa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stay of all further proceedings for realization of the adjudicated liability; the petitioners have failed to disclose particulars of the transfer of 40,000 shares in favour of his son by Mr. Sangit Agrawal. This was crucial information which was bound to be disclosed. We prima facie consider the omission to state this crucial fact as amounting to suppression of material facts while seeking the discretionary relief of waiver of pre-deposit and stay. 8. We have considered the submissions on behalf of the petitioners/appellants regarding financial hardship and analyses of the current financial position including of Shri Sangit Agrawal. The adjudication orders have assessed the liability of the petitioners to the extent of approx. Rs.10.66 cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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