2012 (8) TMI 848

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ant. Shri Ganesh Havannur, AC (AR), for the Respondent. ORDER Heard both sides on the stay petitions filed by the appellant-assessee and their former employees/functionaries. 2. The appellants are engaged in diverse activities such as manufacture of pharmaceutical ingredients; manufacture of organic and pyto chemicals; manufacture of enzymes and chemicals; and research activities. With....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y ordered recovery of the same. He also imposed penalties on the appellant-assessee and other two appellants who are before us. This order of the original authority stands upheld by the Commissioner (Appeals). 3. Learned advocate for the appellants submits that the activity of raising finance for the company is clearly part and parcel of their business activity. Such finance can be raised eithe....