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2017 (7) TMI 159 - CESTAT MUMBAIPenalty - credit was reversed before issuance of SCN - shortages of goods - Held that: - Failure to reverse the credit gave direct monetary benefit to the appellant and ambiguous provision, no other conclusion can be reached except that the same was done with intention to give undue benefits. In these circumstances, penalty imposed on account of non-reversal of credit is upheld. Imposition of penalty on Directors - Held that: - while investigations were on, statement of Shri Sukumar N Shah, Managing Director was recorded wherein he personally explained the entire process. It was obvious that he was aware that all the activities at the material time. In these circumstances, his involvement in the evasion of duty cannot be ignored - penalty on director is upheld. Appeal dismissed - decided against appellant.
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