ORDER
1. This petition is directed against the order dated 9-9-1993 passed by Customs, Excise and Gold (Control) Appellate Tribunal, New Delhi. By the impugned order the Tribunal has rejected the application filed by the petitioner praying for waiver of pre-deposit of the excise duty and penalty pending decision of the appeal before it.
2. We have heard learned counsel for the petitioner and Shri Shisbir Kumar, learned Standing Counsel on behalf of respondents. Learned Standing Counsel agrees that this writ petition may be disposed of at this stage without inviting any counter affidavit. Accordingly, we proceed to do so.
3. From the perusal of the impugned order we find that the application for pre-deposit was rejected mainly for the reasons amongst others that from the balance sheet for the year ending 31-3-1992, it is seen that in the preceding year the petitioner had made a profit of over Rs. 6 lacs.
4. Learned Counsel for the petitioner contended that the Tribunal was factually wrong when it observed that the petitioner had made profit of over Rs. 6 lacs in the financial year ending 31-3-1992. A copy of profit and loss account for the year ending 31-3-1992 together the balance sheet has been filed alongwith the supplementary affidavit, which reveals that the net profit for the said financial year as per profit and loss account was Rs. 6,250.44 Paise. The profit and loss account of the subsequent year namely financial year ending 31-3-1993 has also been filed with the supplementary affidavit, according to which the assessee had suffered net loss of Rs. 1,54,196.41 Paise. It is mainfest from the above that the Tribunal was wrong when it observed that the petitioner had made a profit of Rs. 6 lacs in the financial year ending 31-3-1992 and, was thus not entitled to any relief at its hand. We cannot say that if the Tribunal had taken into account the correct figure of profit what ultimate order would have been passed. In the circumstances, we consider it expedient and in the interest of justice to set aside the impugned order of the Tribunal with the direction to re-consider the matter afresh in accordance with the law and in the light of observations made above.
5. In the result the petition succeeds and is allowed.