Customs, Excise and Gold Tribunal - Delhi
M/S. Escorts Yamaha Motors Ltd. vs C.C.E., Meerut on 11 June, 2001
ORDER Mrs. Archana Wadhwa, Member (J)
1. Shri R. Krishnan, ld. Advocate appearing for both the applicants submits that vide impugned order, Commissioner of Customs has confirmed an amount of Rs. 88410/- and Rs. 24,45,187/- and penalty of an equivalent amount has been imposed on the main appellant - M/s. Escorts Yamaha Motor Ltd. and penalty of Rs. 20,000/- has also been imposed on the second appellant, Shri G.G. Bhaghchandani. The ld. Advocate submits that they had deposited an amount of Rs. 50 lakhs out of which duty amount confirmed by the Commissioner has been ordered to be appropriated from the said deposit so made by them. For this purpose, he draws our attention to para 4.9 of the impugned order. He submits that even taking into account the order of the Commissioner for appropriation of the interest amount from the said deposits made by them, still there is a balance of about Rs. 21 lakhs with the Revenue. He makes an offer that the appellants will not claim back the refund of the said amount during the pendency of the appeal and the same should be taken as pre-deposit towards penalty amount.
2. Shri Rajeev Tandon, ld. SDR has no objection to the said offer made by the ld. Advocate in respect of what has been stated above. As such, we direct the appellants to keep the balance amount, the deposit made by them as referred to in the said order of the Commissioner with the Revenue during the pendency of the appeal. The Stay Petition is disposed of in the above terms.
3. The appeal is also fixed for disposal on 13.8.2001.
(Announced and dictated in the Court)