TaxTMI 
TaxTMI 
2002 (2) TMI 114
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....uary 23, 2001 the Commissioner (Adjudication), Central Excise, confirmed the demand for the levy of Excise Duty of Rs. 2,52,77,940/- against Petitioner No. 1. He further ordered the confiscation of 84990 kilograms of Polyester chips valued at Rs. 55,72,450/-. Option for redemption on payment of fine of Rs. 20 lacs as well as the Central Excise Duty was also given. Orders for imposition of penalty ....
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....ly, applications for rectification were filed. These were also dismissed. Copy of the order passed on the rectification petitions is at Annexure P-2 with the writ petition. The petitioners pray that the orders at Annexures P-1 and P-2 be quashed and that the Tribunal be directed to hear their appeals without insisting upon the pre-deposit. 3.In response to the notice of motion, a written statemen....
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....oticing the factual position regarding the cash flow of Petitioner No. 1 as presented by the Counsel before the Bench. It is taken on record as Mark 'A'. The document shows that Petitioner No. 1 has a present Bank Balance of Rs. 12.21 lacs. Since the matter has to be finally decided by the Tribunal, we are not making any comment on the merits of the controversy. In fact, in view of the factual pos....