Pre-deposit waiver and stay relief granted where already deposited funds safeguarded the revenue's interest pending appeal.

Pre-deposit was waived and stay granted pending appeal where the disputed amount had already been deposited and remained in the Mumbai unit account. The Tribunal held on a prima facie view that the revenue's interest was adequately safeguarded, and that these circumstances justified interim relief. The stay application was accordingly allowed, with the pre-deposit condition set aside.

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Issues: Whether the pre-deposit condition should be waived and stay granted pending disposal of the appeal.

Analysis: The disputed amount of Rs. 25 lakhs had already been deposited and was lying in the Mumbai unit account. On a prima facie view, the Tribunal found that the revenue's interest was safeguarded and that the circumstances justified interim relief.

Conclusion: The stay application was allowed and the pre-deposit condition was waived.

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