- (1.) By this petition, petitioner seeks a writ of certiorari quashing the order dated 29-10-1993 passed by the Customs, Excise and Gold (Control) Appellate Tribunal, New Delhi, whereby the petitioner's application for seeking exemption from pre-deposit of the duty amount of Rs. 37,85,530.60 is modified Rs. 10 lakhs (Rupees ten lakhs only) in cash and furnish bank guarantee for an amount of Rs. 5 lakhs to the satisfaction of the Collector, Customs within three months from the date of the receipt of the order.
(2.) It is also directed that during the pendency of the appeal the Revenue Authority shall not proceed with the recovery proceedings for the balance duty amount. It is also made clear that in case the petitioner fails to comply with the aforesaid terms, the concession granted to him shall stand automatically vacated and 4 months time for compliance of the order was granted and case was directed to be put up before the authority on 22-2-1994.
(3.) Against this order, petitioner has filed this writ petition contending that equipments in question were 14 years old. Thus while calculating the value, the depreciation value of the equipments was not taken into consideration and depreciation value ought to have been calculated on the residual value of the equipments at the time of shipment from Iraq. It is contended that the petitioner is running the losses and is not in a position to comply with the order impugned.;