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2008 (3) TMI 316 - HC - Central ExciseReduction in quantum of penalty – discretion power of the tribunal – Delay in payment of duty – Held that the reasoning given for reduction of penalty is not extraneous. The Tribunal is having power to reduce the penalty, by taking into the overall situation of the case. The last limb of the provision which states “or five thousand rupees whichever is greater” is a point to the position that the penalty required to the outstanding amount of duty stipulated is only the maximum amount which could be levied and the authorities have discretion to levy lesser amount depending upon the facts and circumstances of each case – Decision of the Tribunal upheld – revenue appeal dismissed.
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