2019 (7) TMI 635

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....arthikeyan, Advocate for the Appellant Shri B. Balamurugan, AC (AR) for the Respondent ORDER The above MA has been filed by the appellant seeking to condone the delay in complying with the Tribunal's Final Order No.40609/2017 dated 07.04.2017. 2. On behalf of the appellant, Ld. Counsel Shri M. Karthikeyan appeared and argued the matter. He submitted that the order impugned confirmed a ....

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....at delay in paying up the interest may be condoned. The delay was only because the appellant company was a sick unit and had registered under BIFR which itself is evident to establish that the appellant was facing financial crisis. If the delay is not condoned, appellant would be liable to entire penalty of Rs. 22,59,839/- which would be a very heavy burden on the appellant. 3. Ld. A.R Shri B. ....

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....d that financial difficulties of appellant have escalated to a point that they have had applied to BIFR for financial rehabilitation, I hold that there is a case for granting partial reduction of the penalty amount. Accordingly, the penalty amount is reduced to Rs. 6,00,000/- (Rupees six lakhs only) under Section 78 of the Finance Act, 1994, subject to their paying up this reduced penalty within a....

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....of Rs. 6 lakhs was already paid by the appellant within the time prescribed by the Tribunal. Taking note of the fact that the appellant is a sick unit registered with BIFR and the delay was only due to such financial hardships, I am of the opinion that the delay in making the interest payment deserves to be condoned. Further, it has to be noted that appellant has paid the amount within a reasonabl....