ORDER
V.K. Agrawal, Member (T)
1. This is an application filed by M/s. Haryana Sheet Glass Ltd., for waiver of pre-deposit of Central Excise duty amounting to Rs. 5,68,28,612.61 and a penalty of Rs. One Crore.
2. Shri J.S. Agarwal, learned Advocate, submitted that out of the duty confirmed, the applicants have already deposited Rs. 4,55,98,474.61. He further, submitted that the applicants are incurring losses which is evident from their balance sheet for 2000-2001; that due to continued losses, recovery of the outstanding amount as Sales Tax has been stayed by the Sales Tax Tribunal; that the unit has been registered with BIFR also as sick unit.
3. Opposing the prayer, Shri P.K. Jain, learned SDR submitted that the differential amount of duty involved in this matter is Rs. 1,12,30,138; that Rs. 4.56 crores said to have been paid by the applicants is nothing but the duty paid by them at the time of clearances of the goods and not out of the amount of differential duty confirmed under the impugned Order; that the Commissioner in the impugned Order has mentioned the total amount of duty payable by them on the clearance of the goods; that in fact they have not deposited any amount out of the total differential duty confirmed by the Department; that the differential duty has been demanded after ascertaining the correct assessable value of the goods manufactured by them; that the assessable value has been determined by the Adjudicating Authority in terms of the Law laid down by the Supreme Court in the Bombay Tyres International 1983 (14) ELT 1896 and Madras Rubber Factory case 1981 (77) ELT 433(SC).
4. We have considered the submissions of both the sides. The issue involved in the Appeal relates to the determination of the assessable value, which is an arguable matter. In view of this, the applicants have not made out a strong prima facie in their favour for waiver of pre-deposit of entire amount of duty. After taking into consideration their financial position, we direct the applicants to deposit only Rupees 20 lakhs towards the duty within eight weeks from today and on complying with this direction, there will be waiver of pre-deposit of remaining amount of duty and the entire amount of penalty and the recovery of the same will remain stayed during the pendency of the Appeal. The matter will come up for reporting compliance on 21.5.2002.