1990 (2) TMI 173

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....r per : D.C. Mandal, Member (T)].  - By the aforesaid stay order dated 29.11.89, the West Regional Bench of this Tribunal directed the applicants to deposit Rs. 3 lakhs in cash within a period of 8 weeks from the date of the order. The total amount of duty demanded from the applicants was Rs. 11,75,491.00 in addition to penalty of Rs. 10 lakhs. Before passing the stay order, the Tribunal had....

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....ed that the applicants' financial condition is such that it is not possible for them to deposit the entire amount of Rs. 3 lakhs as per direction of the W.R.B. In this connection, he has drawn our attention to the balance-sheet as on 30.9.89 and the profit and loss account for the period ending on that date. He has particularly emphasised that applicants obtained secured loans amounting to more th....

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....he applicants to deposit total sum of Rs. 2 lakhs within the period of 8 months. 4. We have considered the request of Shri Willingdon. We have also gone through the details furnished in the balance-sheet as on 30-9-1989. We observe therefrom that the applicants obtained loans from the Union Bank of India against hypothication of goods & T.O.D. to the extent of Rs. 8,24,021.30. They have also obta....

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.... and packing stores. Therefore, the applicants are not expected to procure any fund by selling the closing stock. This being the position, we are of the view that it will amount to hardship if the Tribunal persists on the deposit of the full amount of Rs. 3 lakhs by the applicants. In the circumstances, in partial modification of the earlier order of the West Regional Bench, we give the following ....