R.BALIA, J. - (1.) Having heard learned counsel for the petitioner we are of the opinion that no case for invoking extra ordinary jurisdiction is made out. The petitioner is a private limited company and claims to be 100% export oriented Unit. As per the averments made by the petitioner, the petitioner was served with the show cause notice by the Excise Officer dated 30.3.2004 stating that while making clearances of goods in Domestic Tariff Area, in the month of March and April, 2003, the assessee has wrongly availed the benefit of Notification No. 8/97- CE dated 1.3.1997 as well as undervalued the goods and thereby evaded central excise duty to the tune of Rs.5,38,52,735/-.
(2.) After considering the reply to show cause notice submitted by the petitioner which is registered as 100% Export Oriented Unit, the demand stated in the show cause notice was affirmed, rejecting the representation submitted by the assessee vide order dated 30.6.2004 by the Commissioner. Penalty equal to tax demand was also imposed. In addition, a penalty of Rs.50 lacs was imposed on respondent No.2.
(3.) The assessee preferred an appeal against the aforesaid order and also prayed for staying the demand.;