TMI Blog2017 (3) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... in interest of revenue in the claim of the said plant and machinery - Held that: - sale was completed on 09.11.2005, whereas, the Revenue claims their stake on 23.12.2005. Moreover, prior to auction, the appellant had advertised in paper for auction of the said plant and machinery in daily newspaper. In that circumstances, it is held that the Revenue was well aware of the fact of auction of plant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The brief facts of the case are that the appellant is a financial corporation who has advanced the sum of ₹ 250.00 Lacs to one M/s Perfect Gold India Ltd. against the mortgaged of land, plant machinery and building. The M/s Perfect Gold Pvt. Ltd. defaulted in making the payment of loan amount, therefore, all the assets of M/s Perfect Gold Pvt. Ltd. were taken by the appellant and con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant did not protect in interest of revenue in the claim if the said plant and machinery. Therefore, the appellant is to be penalised. 3. Heard the parties and considered the submissions. 4. On consideration submissions made by both the sides, I find that the claim of the Revenue is factually incorrect. As sale was completed on 09.11.2005, whereas, the Revenue claims their stake on 23.12.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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