2008 (1) TMI 733

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....ndent. [Order per : P.G. Chacko, Member (J)]. - Learned Commissioner has demanded duty of over Rs. 75.00 lakhs from the appellants and has appropriated towards the same a payment of Rs. 5,22,554/-. He has also imposed equal amount of penalty on them under Section 11AC of the Central Excise Act. 2. After examining the records and hearing both sides, we note that the assessee was originally....

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..... These documents indicate that an amount of duty of Rs. 9.65 lakhs was paid by the assessee on the depreciated value of capital goods in October, 2001, but the capital goods were not allowed to be removed from the EOU on account of non-payment of duty on raw materials. It is also noted that the validity of LOP had expired on 25-2-2000 and therefore the unit was de-recognized as EOU with effect fr....