2006 (2) TMI 395

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....hri H.C. Verma, JDR, for the Respondent. [Order per : S.S. Kang, Vice-President]. - Applicant filed this application for waiver of pre-deposit of duty of Rs. 15 lakhs and penalty of the equal amount. 2. The contention of the applicant is that M/s. Vaibhav Steels Ltd. was engaged in the manufacture of excisable goods and a demand of duty Rs. 15 lakhs and penalty of the equal amount we....

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....under Section 11 of the Central Excise Act. 3. The contention of the Revenue is that Hon'ble Supreme Court in the case of Macson Marbles Pvt. Ltd. v. UOI - 2003 (158) E.L.T. 424 (S.C.) after relying upon the provisions of Rule 230 of the Central Excise Rules held that the units which were acquired by the Financial Corporation and subsequently sold are liable to nay the central excise duty.....