2003 (3) TMI 478 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai heard a case where a penalty of Rs. 20 crores was imposed on the appellant. The adjudicating authority's order was based on presumption, but it was found that the appellant did not personally benefit and the goods were in the custody of the liquidator. The tribunal waived the penalty amount and stayed its recovery during the appeal process. The case was scheduled for regular hearing on 19-5-2003.