TMI Blog2011 (12) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... alance sheet nowhere applicant disclosed that the amount in question was surrendered to the Income Tax authorities is in respect of sale of excisable goods - in absence of any evidence that the amount surrendered to the Income Tax department is in respect of the goods cleared without payment of duty or in respect of under valuation of goods, prima facie, the applicant has a strong case for waiver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were cleared without payment of duty. 4. The contention of the applicant is that before the Income Tax authorities, applicant declared that the Director s investment was not reflected in their records, the value of material under process was enhanced. There was a cash in hand of Rs. 8.9 lakhs. The applicant also disclosed to the Income Tax authorities that the applicant procured two reactors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 (P H)]. 6. The Revenue submitted that the applicant had not disclosed that they had received two reactors which are used in manufacture of finished goods and applicant had not cooperated during investigation before the Central Excise authorities. The amount which was surrendered before the Income Tax department also include the receivables from the sundry dealers and the applicant had fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed. Keeping in view the facts and circumstances of the case and in absence of any evidence that the amount surrendered to the Income Tax department is in respect of the goods cleared without payment of duty or in respect of under valuation of goods, prima facie, the applicant has a strong case for waiver of pre-deposit of duty, interest and penalty. The pre-deposit of dues is waived and recovery ..... X X X X Extracts X X X X X X X X Extracts X X X X
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