1997 (3) TMI 332 - AT - Central Excise

Summary

The judgment by the Appellate Tribunal CEGAT, Mumbai imposed a penalty of Rs. 1.50 lacs on the first applicant and Rs. 1.00 lac each on the other two applicants. The Tribunal considered arguments regarding negligence in overdrawal from the ledger, with the Departmental Representative implicating the company management. Waiver of balance of penalty was granted to the first two applicants upon depositing Rs. 55,000 each within two months. Compliance was required by 26-5-1997.