2001 (8) TMI 132

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....r Lal Gupta, J.]. - On September 15, 2000, The Commissioner, Central Excise (Adj.) raised a demand for Rs. 4,78,37,028/- by way of payment of excise duty. A penalty of 100%, viz. Rs. 4,78,37,028/- was also imposed. Interest at the rate of 20% was also levied. Still further, an additional penalty of Rs. 30,00,000/- each was imposed on the two partners, viz. petitioner Nos. 2 and 3. Another penalty ....

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....s prayed that the order of the Tribunal be quashed. 3.Notice of motion was issued. A written statement has been filed. 4.Counsels for the parties have been heard. 5.On April 5, 2001 the case was posted before a Bench of this Court consisting of Hon'ble Mr. Justice G.S. Singhvi and Hon'ble Mr. Justice Nirmal Singh. Their Lordships were pleased to direct petitioner No. 1 to deposit Rs. 50 l....