2009 (3) TMI 829

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..... Ramanan, Special Counsel, for the Respondent. [Order per : M.V. Ravindran, Member (J) (Oral)]. - This stay petition is directed against the waiver of the following amounts. (i)      Total Customs duty of Rs. 5,65,57,788/- (Rs. 5,45,78,633/- on Capital goods & Rs. 19,79,155/- on Raw materials); (ii)    Excise duty of Rs. 7,02,408/-; and (iii) &nb....

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....uty and the excise duty have been calculated as if the entire raw materials were not consumed by the applicant. It is his submission that the part of the raw materials was consumed and duty, if any, is payable only on the balance amount of raw materials lying in stock. 3.2 Finally, he would submit that the applicant is in severe financial crisis and the entire factory has been taken over by ....

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....ellant. He would like to emphasize that as per Condition No. 6 of Notification No. 53/97, the appellant has executed a bond to fulfil export obligation, failure to fulfil such an obligation would attract the payment of duty which has been foregone by the revenue both on capital goods as well as on raw materials. 5. We have considered the submissions made at length by both sides and perused t....