1998 (2) TMI 250 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, CALCUTTA dismissed the Revenue's appeal for enhancing penalty against a wound-up company as the penalty liability had accrued after the assets were taken over by the lessee, who was not responsible for prelease liabilities. The penalty of Rs. 1,00,000/- can be pursued for recovery from the Official Liquidator.