2013 (9) TMI 816

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....the Respondent : S. S. C. ORDER Shri Vinod Kant has accepted notice on behalf of all respondents. He prays for and is allowed four weeks' time to file counter affidavit. The petitioner will have two weeks' thereafter to file rejoinder affidavit. List on 17.9.2013. The petitioner-company is aggrieved by the demand of cash security equal to 25% of the value of the Bond, along with Approp....

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..... Upadhyay submits that no show cause notice has been issued so far, and that the alleged discrepancy in the stocks was sufficiently explained. The demand of cash for provisional release of goods in pursuance to the petitioner's application dated 11.4.2013 being 25% of the excisable goods valued at Rs.5,68,63,295/-, is highly exorbitant, confiscatory and arbitrary. Prima facie, we find that the....

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....n the year 2012-13 the petitioner-company has paid excise duty of more than Rs. 23 crores. The petitioner has pleaded hardships in case cash security is demanded for provisional release of goods. It is submitted that cash security equal to 25% of the excisable goods is highly exorbitant and will block the petitioner's working capital. In the circumstances, we find that the interest of revenue w....