2003 (10) TMI 333

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....emant Kotikar, SDR, for the Respondent. [Order per : Jyoti Balasundaram, Member (J)]. - The application for waiver of pre-deposit of duty of Rs. 19,71,092/- and penalty of Rs. 10 lakhs arises out of the order of the Commissioner of Customs (Export Promotion) Mumbai. The demand confirmation is as a result of denial of the benefit of duty free import of capital goods under Notification No. 160....

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....namely huge loss incurred by the applicant - company and the fact that goods valued at over Rs. 1,46,94,408/-, although physically available with the applicants have been directed not to be removed, parted with or otherwise dealt with, except with the prior permission of the Local Excise Authorities. We also note that although the applicant is a BIFR company, the balance sheet for the year 2002-20....