https://www.taxtmi.com/caselaws?id=44825 A pre-deposit under Section 35F of the Central Excises and Salt Act, 1944 could not be insisted upon where the company's financial records showed a net loss rather than profit and its sick-unit status was undisputed. The HC found that the refusal of complete exemption rested on an erroneous reading of the balance sheet and profit and loss account, and that this factual mistake made the pre-deposit order unsustainable. Applying the same approach adopted in the company's earlier matter, the court granted total exemption from pre-deposit in favour of the petitioner company. en-us Thu, 27 Feb 1997 00:00:00 +0530 Mon, 05 Jul 2010 10:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44825 A pre-deposit under Section 35F of the Central Excises and Salt Act, 1944 could not be insisted upon where the company's financial records showed a net loss rather than profit and its sick-unit status was undisputed. The HC found that the refusal of complete exemption rested on an erroneous reading of the balance sheet and profit and loss account, and that this factual mistake made the pre-deposit order unsustainable. Applying the same approach adopted in the company's earlier matter, the court granted total exemption from pre-deposit in favour of the petitioner company. Case-Laws Central Excise Thu, 27 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44825