VANASTHALI TEXTILE INDUSTRIES LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) MR . Amod Kasliwal, for petitioner. Defects waived.

(2.) SUBSTANTIAL relief has been granted by the Customs, Excise and Service Tax Appellate Tribunal (hereinafter referred to as 'the CESTAT') vide interim order dated 25 -1 -2012 with respect to waiver of deposit pending appeal before it. Petitioner is still dissatisfied with the same. Hence, the writ petition has been preferred.

(3.) LIABILITIES arose due to import of the capital goods were to be converted into a new type of liability under the E.P.C.G. Scheme. Ultimately, after amendment dated 14 -2 -2008, the Revenue demanded duty amounting to Rs. 93,50,42,002/ - along with interest in respect of finished goods lying in stock on the date of de -bounding. Further a penalty equal to the same amount is imposed under Section 11AC of the Central Excise Act. Appeal has been preferred before the Tribunal against the order, which is pending consideration. The Tribunal by the impugned order considering interim application after detailed consideration of the various submissions which were raised, has passed huge liability, the order directing deposit of rupees one crore only amounting to Rs. 9,50,42,002/ -, interest and equal penalty within eight weeks from the date or for hearing of the two appeals. Subject to such deposit, pre -deposit of remaining dues arising from the two impugned orders was waived and there shall be stay on collection of such amounts during the pendency of the appeals.