2003 (4) TMI 424

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....Madhiam, JDR, for the Respondent. [Order]. -  The prayer in the Application is for dispensing with the condition of pre-deposit of the duty amount of Rs. 2,55,000.00 (Rupees two lakh fifty-five thousand) confirmed against the applicants/appellants by denying them the Modvat credit of Duty paid on capital goods on the ground that the said capital goods have been obtained by them on lease....

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....f capital goods on lease basis, was not disclosed to the Revenue, but submits that the extended period would not be invocable, inasmuch as they had filed the declaration, RT-12 returns were submitted and finalised. He also submits that the applicant/appellant company is a sick industry and is in a poor financial condition and thus prays for unconditional stay of the pre-deposit. 3. Shri T.....

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....d on lease basis and as such the applicant/appellant company is debarred from taking the Credit in respect of the same. Similarly, on the point of limitation, I observe that the applicants/appellants have admittedly not disclosed the fact of acquiring the capital goods on lease basis, to the Revenue at any point of time. In these circumstances, I am of the view that the applicants/appellants do no....