2005 (4) TMI 56 - SCH - Central Excise

Penalty u/s 11AC - whether the Tribunal has power to reduce penalty under Section 11AC - Supreme Court does not not interfer with the order of Tribunal where Tribunal held that this was not a fit case for imposition of penalty equivalent to the amount of duty and has reduced penalty to Rs. 25, 000.

Summary

The Supreme Court of India dismissed the appeals against the Customs, Excise and Gold (Control) Appellate Tribunal's judgment. The Tribunal reduced the penalty to Rs. 25,000 under Section 11AC. The Court did not interfere, leaving open the question of the Tribunal's power to reduce penalties for future cases.