2001 (5) TMI 788

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....h Gajendra Jain, CA & H.J. Shah, Advocate, for the Appellant. Shri A. Chopra, JDR, for the Respondent. [Order per : Gowri Shankar, Member (T)]. -  The applications are for waiver of deposit of duty of Rs. 1.08 crores and penalty of equivalent amount under Section 11AC of the Act and Rs. 10 lakhs on N.S. Patel, director finance of the manufacturer. 2. Elecon Engineering, the m....

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....sposed had not been complied with. We are not at all clear what exactly become subsequently. It is clear that World Bank closed the loan intimated by letter of MSEB datad 30-6-1998. 4. It appears that various subsequent development took place as a result of discussion between the Government of India and Government of Maharashtra, so as to provide some relief to some contractors which were ....

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....y on the director finance. 6. We have heard both sides. 7. The common Counsel for the applicant contended that the extended period of limitation would not be available to the department for the reason that the applicant did not come to know, till the visit of the officers in connection with an enquiry in December, 1999, that no payments had been made by World Bank to MSEB in pursua....