TaxTMI 
TaxTMI 
2012 (2) TMI 319
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....ok Jindal: The appellant M/s Indian Oil Corporation Ltd., is seeking waiver of pre-deposit of Rs.10,55,03,909/- along with interest and various penalties under the Finance Act, 1994. 2. The facts of the case are that M/s Indian Oil Corporation Ltd. (IOCL) is having an agreement of sale with M/s Zuari Industries Ltd. (ZIL) for sale of naphtha and Furnace oil on high seas sale basis. In pursuance ....
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....are seeking waiver of pre-deposit at this stage. 3. Shri M.H.Patil, learned counsel for the applicant appeared and submitted that the transaction between the parties is total sale transaction on principal-to-principal basis and in this case they have entered into an agreement with M/s ZIL for sale of Naphtha and Furnace oil. As per the agreement, the goods were cleared provisionally and as the fi....
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....se (Appeals), Mangalore, in order-in-appeal no. 206/2007-CE passed on 29.11.2007 has taken the same view and the same has been accepted by the department. Therefore, he prays that waive of be granted. 4. On the other hand, Shri V.K.Singh, learned AR opposed the stay application and submitted, in this case, the issue before this Tribunal is that whether the services rendered by the applicant to M/....