2001 (1) TMI 350

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..... , for the Respondent. [Order per : G.A. Brahma Deva, Member (J)]. Matter was posted to hear stay petition. After hearing for sometime with reference to the stay petition we felt that the matter itself can be disposed off. Accordingly appeal was taken for regular hearing. 2. Shri Ravishankar, Advocate, appearing on behalf of the appellants submitted that the duty amount involved is Rs. .....

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..... ighlights in 1999 (107) E.L.T. at page A121. 3. Heard Smt. Radha Arun, SDR, appearing for the revenue. 4. We have carefully considered the matter. We find substantial force in the arguments advanced on behalf of the assessee with reference to the imposition of penalty under Section 11AC of the Act. It is a settled position that penalty under Section 11AC could not be imposed retrospectively as .....

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