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2015 (8) TMI 681 - HC - Central ExcisePower of settlement commission - whether the Settlement Commission is within its powers to impose penalty on each of the Directors in addition to the imposition of penalty upon the Company - Held that:- The conjoint reading of the different provisions contained in Chapter V of the said Act leaves no doubt that the Settlement Commission can not only impose the penalty and fine in exercise of powers as Central Excise Officers but bestowed with further powers to grant immunity against the same either wholly or in part. - Since the petitioner has already furnished the Bank Guarantee for the differential amount of the duty as assessed by the Settlement Commission, the Department is at liberty to invoke the Bank Guarantee and if any shortfall is still there, the petitioner shall deposit the same within four weeks from date. In addition to the same, the petitioner shall also deposit the penalties so imposed together with the interest to be calculated in terms of the impugned order within the aforesaid period. - Decided against assessee.
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