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2017 (3) TMI 630 - CESTAT CHANDIGARH100% EOU - Imposition of penalty u/s 112(b) of the CA, 1962 - auction sale - demand on the ground that auction has completed on 20.03.2006, whereas appellant have stake their claim in the plant and machinery on 23.12.2005, therefore, the appellant did not protect in interest of revenue in the claim of the said plant and machinery - Held that: - sale was completed on 09.11.2005, whereas, the Revenue claims their stake on 23.12.2005. Moreover, prior to auction, the appellant had advertised in paper for auction of the said plant and machinery in daily newspaper. In that circumstances, it is held that the Revenue was well aware of the fact of auction of plant and machinery is to take place and the appellant is auctioning the same to recover its dues - the appellant was not known whether M/s perfect Gold Pvt. Ltd. was in default of duty payment to the Revenue or not? - In the absence any knowledge of the appellant, the appellant cannot be penalised - the appellant is Financial Corporation and having no mala-fides intentions - penalty set aside - appeal allowed - decided in favor of appellant.
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