2018 (6) TMI 1625

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....ikhil Gupta, Mr. Vipin Upadhyay, Mr. Vasu Nigam & Mr. Vinayak Mathur, Advs. For the Respondents : Mr. Sanjeev Narula, CGSC with Mr. Abhishek Ghai, Adv. for R-1/UOI. Mr. Harpreet Singh, Sr. Standing Counsel for R-2 to 4. ORDER Issue notice. Mr. Sanjeev Narula and Mr. Harpreet Singh, learned Standing Counsel accept notice for the respondent Nos.1 and 2 to 4 respectively. The petiti....

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....n. This, it is submitted, has lead to serious economic consequences whereby the petitioner is stated to have paid excess duty to the extent of Rs. 700 crores approx. and is unable to either adjust its input credit available or apply for a refund. Learned counsel highlighted Section 54 of the Act to say that the vacuum created on account of the suspension of the two forms and the related absence of....