2003 (12) TMI 508 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Mumbai found that a case of fraudulent availment of credit of Rs. 1,57,797 warranted the imposition of maximum penalty under Section 11AC. The Commissioner (Appeals) had imposed a penalty equivalent to only the utilised amount of Rs. 45,460, but the Rule 57-I(4) provides for penalty with reference to the credit taken. The Tribunal allowed the Revenue's appeal and set aside the Commissioner (Appeals) order.