2003 (4) TMI 424

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....rder]. -  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 and in terms of the provisions of Rule 5....

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....closed 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.K. Kar, learned SDR for the Revenue, on the o....

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....llant 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 not have a prima facie case in their favour so as....