2006 (1) TMI 404

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.... Shri Ajay Saxena, SDR, for the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. - The application for waiver of pre-deposit of penalty of Rs. 50.00 lakhs imposed upon the applicant herein, who was the Chairman and Managing Director of M/s. Unity Agrotech Ind. Ltd., at the relevant time, under the provisions of Section 112 of the Customs Act, 1962, arises out of the order of ....

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....der Section 27AA/AB and Section 11AA/AB. The notice also proposed imposition of penalty on the company and penalty under Section 112 upon its Managing Director, who is the present appellant. 2. We have heard both sides. We find that at this prima facie stage waiver of pre-deposit is called for as the provisions of Section 112 under which penalty has been imposed upon the applicant are prim....