ASHWANI KUMAR MISHRA,J. - (1.) Revisionist is a registered dealer, which is aggrieved by reversal of input tax credit, claimed by it, in respect of which an appeal is pending. The tribunal has required the assessee to deposit 50% of Rs. 33,87,281/-. It is argued on behalf of revisionist that the proceedings are based upon non-application of mind, inasmuch as most of the banking transactions have been disbelieved, on the ground that the registration of selling dealer has been cancelled ignoring the fact that such cancellation was after the date of purchase of goods. It is also stated that various demands raised are otherwise unsustainable.
(2.) Learned Standing Counsel, on the other hand, points out that transportation of goods has been found not to have taken place, inasmuch as the vehicle number given was that of a scooter etc.
(3.) Since the appeal on merits is pending, as such, this Court is not required to examine the respective case of the parties on merits, or to make any observation in respect thereof, as it may adversely affect either of the parties. In the facts and circumstances of the present case, this Court is of the opinion that in case the appellant deposits a sum of Rs. 05 lacs, and furnishes security other than cash and bank guarantee, in respect of remaining amount, the appeal filed by the revisionist shall be heard on merits, and disposed of, within a month thereafter.;