(1.) THESE stay petitions are filed for the waiver of pre -deposit of the following amounts : AppellantDuty DemandPenaltyInterest M/s. Khizar ExportsRs. 1,58,78,589/ - [under the proviso to Section 28(1) of the Customs Act, 1962]Rs. 1,58,78,589/ - (u/s 114A of Customs Act, 1962) Rs. 25,00,000/ - (u/s 114AA of Customs Act, 1962)At appropriate rate Shri H.I. MachhiwalaRs. 1,58,78,589/ - [under the proviso to Section 28(1) of the Customs Act, 1962]Rs. 1,58,78,589/ - (u/s 114AA of Customs Act, 1962) Rs. 25,00,000/ - (u/s 114AA of Customs Act, 1962At appropriate rate
(2.) THE above said amounts have been confirmed by the adjudicating authority as invalid VKGUY credit and also demanded the duty on the appellants as the persons to whom the said VKGUY licences are sold have imported the consignments and paid duty through such licences. The entire findings of the adjudicating authority revolve around the question of classification of the product exported by the appellant.
(3.) HEARD both sides and perused the records.