2015 (11) TMI 1030

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..... K. Mohanty, Member (T) For the Appellant : Shri Krishna Kant, Adv For the Respondent : Shri Pramod Kumar, JDCR ORDER Per Rakesh Kumar The Tribunal, vide stay order no. 50113-50114/2014 dated 8/1/2014, had directed the appellant company to pre-deposit an amount of Rs. 10000000/- in eight installments - the first installment of Rs. 30,000,00/-was to be paid within a period of six we....

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....plication sympathetically in accordance with the law. In pursuance of this order of the High Court, the appellants have filed miscellaneous application for modification of the stay order. 3. Heard both sides. 4. Sh. Krishna Kant, Advocate, ld. Counsel for the appellant, pleaded that the Bank's statement and the appellant company's letter dated 1/7/2013, addressed to the Assistant Gen....

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....ssed by the appellant at that time. He also pleaded that when the appellant company faces the allegation of evasion of duty by clandestine clearances and by taking recourse to under reporting of manufacture and clearance of the goods, no sanctity can be attached to their profit and loss account or their Bank's statements as the same do not reflect the actual financial position of the appellant....

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.... in the stay order and a prima facie view has been taken on the basis of material on record that the appellant company has suppressed its production and clearance, a logical conclusions of this would be that no sanctity can be attached to their profit and loss account or their claim of the company being in losses. In view of this, so far as the appellant company is concerned, we do not find any ju....