2002 (2) TMI 588

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....e Applicant. Shri Rajiv Tandon, SDR, for the Respondent. [Order per : G.R. Sharma, Member (T)]. - The three applicants have filed three stay petitions praying for waiver of pre-deposit of duty amounting to Rs. 6,97,01,016/- (Rupees six crore ninety seven lac one thousand sixteen) and penalties of equal amount of duty of Rs. 1.0 crore (Rupees one crore), Rs. 50,000/- (Rupees fifty thousand....

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....ng submitted to the bank. He submits that whatever they were manufacturing they were recording in the statutory records and clearing them on payment of duty. He submits that the Department has no evidence except the statements submitted to the bank. Learned Representative submits that figures supplied to the bank cannot be the basis for computing the value of the goods for purpose of levy and coll....

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.... goods only from the statement submitted to the bank. We also note that there are statements of bank officials who have deposed that there was verification of the stock pledged with the bank. We find from the above that the applicants have been clearing substantial quantities of finished goods when the factory was in operation. They must have funds which they might have acquired as a sale proceeds....