- (1.) We have heard the counsel for the petitioner as well as Chief Standing Counsel for the Central Government.
(2.) It is true that the petitioner has not pleaded financial hardship but having regard to the facts and circumstances of the case and also keeping in mind the observation of the Tribunal that it would be undue hardship, if the applicants are directed to deposit the entire amount of duty and penalty before hearing of the appeal, we modify the impugned order to this extent that within the lime prescribed by the Tribunal, the petitioner shall deposit a sum of Rs. one lac. If he does so, there shall be stay of balance amount of Rs. 45,078.46 paise, provided the petitioner furnishes adequate security (not in the form of cash or bank guarantee) to the satisfaction of the Tribunal for the said amount.
(3.) The writ petition is disposed of finally with the aforesaid direction.;