2012 (4) TMI 659

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....ing heard learned counsel for the parties in this appeal under Section 35G of the Central Excise Act, 1944, which is directed against the order dated 14th February, 2012 passed by the Customs, Excise and Service Tax Appellate Tribunal, we frame the following substantial question of law :- "Whether the Customs, Excise and Service Tax Appellate Tribunal was right in directing the appellant to depo....

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....king as a share broker and an LIC agent. It is pointed out that income of the appellant is to the tune of ₹ 3-4 lacs per annum. In these circumstances, it is submitted that it is not possible for the appellant to pay ₹ 30 lacs as directed for hearing of the appeal on merits. It is submitted that the penalty has been imposed on presumption and without taking into account relevant facts.....

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....nvat benefit on the basis of the alleged fictitious sale made by the appellant. In Paragraph 8 of the impugned order the Member (Judicial) has recorded as under :- "8. In terms of the above, we hold that the credit availed by them was reversed by utilizing for payment of duty, which even according to the Revenue, they were not required to pay. Inasmuch as the entire credit was reversed by m....