2002 (4) TMI 687

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..... [Order per : Gowri Shankar, Member (T)]. - The application by the Commissioner is for stay of operation of the order dated 2-2-2001 of the Tribunal, pending the answer of the Bombay High Court of the reference made to it under Section 130 of the Act of Questions of Law arising out of that order. The High Court has admitted the application on 23-4-2002. 2. The departmental representative....

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....ics to defeat the just claim of the respondent arising out of the orders of the Tribunal in its favour. He also draws our attention to order of the Bombay High Court passed on a writ petition filed under Article 226 by Nucleus Securities Ltd., one of the appellants before the Tribunal, for enforcement of the Tribunal's order, accepting the offer made by the petitioner to file a written undertaking....

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....confiscated as sale proceeds of smuggled gold under Section 121 of the Act and penalty imposed under Sections 112 and 114 of the Act of Rs. 50 lakhs. So far as the latter amount is concerned, the Tribunal found in paragraphs 35 and 37 of its order that there was insufficient evidence to show that the money changers in question (of whom the respondent is one) were liable for penalty under either of....