2000 (4) TMI 81 - AT - Central Excise

Summary

The judgment by Appellate Tribunal CEGAT, Mumbai involved waiver of deposit of duty of Rs. 27.17 lacs and penalties imposed on the assessee and its director. The Tribunal found a strong prima facie case on limitation as the notice was issued after 4 1/2 years invoking the extended period, but there was no provision in the law requiring specific reasons for reducing prices. Therefore, the Tribunal waived the deposit of duty and penalties and stayed their recovery.