2014 (1) TMI 570

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..... anmohan Singh: Heard both sides. 2. Shri Praveen Sharma, counsel for the party pleaded that Commissioner (Appeals) has imposed 100% of penalty under Section 11AC of the Act though they have already deposited 25% of the penalty i.e.Rs.32,432/- which has been appropriated by the Commissioner (Appeals) against Bank Guarantee executed and balance amount of Rs.82,335/- was deposited vide TR-6 challan .....

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..... the Department. On this, the ld. counsel points to the definition of specified records and pointed out that these were the records required under Sales Tax and as per definition the record maintained with respect to any law for the time being in force has to be considered as specified record. 5. Going through the records as well as submissions made by both sides, I waive further deposit of penalt .....

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