TaxTMI 
TaxTMI 
2014 (12) TMI 737
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....pre-deposit as condition precedent for hearing the appeal, the appellant is before this Court challenging the said order by filing the present appeal, by raising the following questions of law :- "1) Whether the order of the Tribunal directing a pre-deposit of Rs. 90,00,000/- of the disputed taxes stands vitiated inasmuch as it fails to see that the condition imposed is such which for all intent and purport takes away the appellant's vested right of appeal and works as a deterrent or disables and impedes access to a forum, viz., CESTAT which is meant for redressal of the grievance of an assessee suffering an adverse order and results in rendering the statutory remedy of appeal illusory? 2) Whether the order of the Tribunal failed to s....
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....pan Iron and Steel Company (P) Ltd., Karaikal, towards the differential duty payable by them for the sale of TMT Rods to related persons during the period from October, 2007 to December, 2010 under Section 11 A(2) of the Central Excise Act, 1944, as it existed during the relevant period invoking extended period of limitation and order recovery of the same; ii. I order that M/s.Kannappan Iron and Steel Company (P) Ltd., Karaikal, shall pay interest at appropriate rates under Section 11 AB of the Central Excise Act, 1944, as it existed during the relevant period; & iii. I impose a penalty of Rs. 2,83,25,041/- (Rupees Two Crores Eighty Three Lakhs Twenty Five Thousand and Forty One only) under Section 11 AC of Central Excise Act, 1944." 4. ....
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....at it is not inclined to accept the plea for reduction or modification of the amount ordered to be deposited as pre-deposit for hearing the appeal. Further, on the plea of financial hardship as raised by the appellant, the Tribunal was of the view that the balance sheet of the appellant company showed huge profits and there are outstanding trade creditors to the tune of Rs. 2.9 Crores and the receivables amounts to Rs. 3.4 Crores. Though the outstanding loan was Rs. 49.65 Crores, the balance sheet showed a net profit of Rs. 2.76 Crores and, therefore, the Tribunal declined to interfere with the order of stay of pre-deposit of Rs. 90,00,000/= already ordered by it, which is equivalent to about 30% as against the total demand of Rs. 2.83 Cror....