2004 (10) TMI 469

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.... R.C. Sankhla, SDR, for the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. -  The applications for waiver of pre-deposit of Rs. 1,61,96,088/- and penalty of equal amount imposed on the manufacturer and penalty of Rs. 16 lakh imposed on Managing Director arise out of the order of the Commissioner of Central Excise, who has confirmed the demand on the ground that the manufactur....

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....res of clearance of 2000-2001 taken from the letter dated 25-7-2001 of the Managing Director of the Company. In these circumstances, the contention of the applicants that inflated figures were given for the purpose of taking loan, prima facie, is not accepted. We also note that in spite of show cause notices having been issued for producing the balance-sheet no reply for the same was sent and hear....