2008 (8) TMI 726

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....TED BY : Shri W. Christian, Advocate, for the Appellant. Dr. M.K. Rajak, SDR, for the Respondent. [Order per : Archana Wadhwa, Member (J)]. -  All the stay petitions are being disposed by a common order as they arise out of the same impugned order passed by Commissioner, Central Excise, Surat vide which he has confirmed demand of duty of Rs. 1,77,72,753/- against M/s. Micro Polyester....

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....ncial Reconstruction. Further our attention has been drawn to the Chartered Accountant's certificate to the effect that the company has carried forward losses to the tune around Rs. 83 lakhs and the net worth of the company is in negative because the accumulated losses has exceeded the share capital and reserve funds. However, on being questioned as to whether the sale proceeds of the clandestinel....

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....t in cases of clandestine activities undertaken by an assessee, the financial health reflected in the balance sheet is not correct reflection of the same. The interest of the Revenue is required to be safeguarded and in the absence of any submissions on the merits of the case, we are of the view that the appellant should be put to some terms of deposit. We accordingly direct M/s. Micro Polyester P....