2004 (7) TMI 407

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....ppellant. Shri Vikas Kumar, SDR, for the Respondent. [Order per : V.K. Agrawal, Member (T)]. -  This is an application by M/s. Seth Alloys Pvt. Ltd., for waiver of pre-deposit of penalty of Rs. 50,56,275/- imposed on them under the impugned Order. 2. Shri J.S. Agrawal, learned Advocate, submitted that the applicants manufacture M.S. ingots which were chargeable to Central Exc....

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....other hand Shri Vikas Kumar, learned SDR, submitted that the applicants have defaulted in making the payment of duty on due dates almost on continuous basis. The delay has ranged from 1 day to 54 days; that the payment of duty along with interest before the issue of show cause notice does not take away their liability to penal action under Rule 96ZO of the Central Excise Rules, 1944. He also relie....

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....al hardship as the applicants are having accumulated losses. We observe from the balance sheet that during the last two financial years the applicants have earned the profit and the loss brought forward is only Rs. 10.36 lakhs. We also observe that they had an income of Rs. 1.85 crores. Therefore, to direct them to deposit some amount towards penalty will not cause them any undue financial hardshi....