2005 (7) TMI 567 - AT - Customs

Summary

The Appellate Tribunal CESTAT, New Delhi ruled in a case involving a penalty of Rs. 5 lakhs imposed on Shri S.D. Kapoor for non-fulfilment of export obligation by M/s. Flistex Magnetics Ltd. The Tribunal found no personal guilt on Kapoor's part and waived the penalty, stating that failure to make exports was due to business failure and not tax evasion.