2018 (12) TMI 1306

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....5 of the impugned Order. For better appreciation, the same is quoted herein below:- "15. Accordingly, all these writ petitions are disposed of in the following terms:- (a) The petitioner shall furnish their reply to the impugned proceedings dated 22.05.2018 within a period of two weeks from the date of receipt of a copy of this order. (b) On receipt of such reply, the second respondent shall given an opportunity of personal hearing to the petitioner by fixing a date within a period of two weeks thereafter. (c) On completion of such personal hearing and on perusing the materials placed by the petitioner, the second respondent shall complete the provisional assessment within a period of four week thereafter....

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.... on 13.03.1999, installation was completed on 26.12.2002 and complied with all formalities and in 2018, the present impugned show cause notice was issued alleging under valuation of a few of the items which were imported by the appellant. 4. It is the case of the revenue that the declared value of certain products which were imported by the appellant were lesser than the procurement price of the foreign supplier and therefore, they alleged that there is under valuation. 5. The learned counsel for the appellant would submit that the appellant was engaged in the production of power from Naphtha and the procurement price of Naphtha was much higher and as a result of which, the Tamil Nadu Electricity Board was not inclined to purchase pow....

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....ially when they have effected cash deposit of Rs. 84 lakhs, when they have imported the products and furnished Bank Guarantee of Rs. 13.77 Crores. The Bank Guarantee has been kept renewed since then and according to the learned counsel for the appellant, bank charges itself is more than Rs. 2.35 crores. Assuming without admitting upon adjudication of the show cause notice, the proposal therein is confirmed, the entire liability may be around Rs. 11 crores and assuming the assessee files appeal, the minimum pre- deposit required to be made would be Rs. 7.5% of the disputed demand. 8.Thus, taking into consideration the peculiar facts and circumstances of the case, we are of the view that partial relief can be granted to the appellant so as....