2000 (5) TMI 79

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....ar, Member (T)]. - The facts of the case in brief are as follows : 2. M/s. Eskidee Metal Craft Pvt. Ltd. were SSI unit eligible to the benefit of notification 1/93 dated 28-2-1993. This unit filed an amalgamation application with the company called Technocraft Industries (India) Ltd. who were not eligible for such benefit. The order of the High Court dated 19-1-1994 approving this amalgamation ....

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....") all the immovable assets of the First Transferor Company incapable of passing by manual delivery shall pursuant to Section 391 and 394 of the Companies Act, 1956 stand trans­ferred to and vested in the Transferee Company without any further act or deed but subject to the charges now affecting the same. AND THIS COURT DOTH HEREBY FURTHER ORDER that this Scheme although to come into operat....

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....d. Levy of penalty was alleged. The Commissioner in the impugned order confirmed duty of Rs. 6,25,086/- and imposed a penalty of Rs. 1,00,000/- on the assesses unit. Hence this appeal. 4. The main claim made before us is what was made before the Commissioner and that is that although 1.4.1993 was the Transfer Date. The Effective Date was only after all the sanctions were obtained. It is submitt....