2004 (4) TMI 450

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..... ants are aggrieved with imposition of personal penalty of Rs. 8,75,000/- under the provision of Rule 96ZQ(5) (ii) on the ground that they have failed to discharge their duty liability determined under the compounded levy scheme by 15th of the month and the balance 50% by the end of the month. As such they were issued three show cause notices proposing imposition of penalty. The said show cause not .....

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..... aid rule learned advocate submits that penalty equivalent to an amount outstanding from an assessee by 5th of the succeeding month can be imposed. In as much as by 5th of the next month the appellants had admittedly discharged the duty burden for both the fortnights, no penalty could have been imposed upon them in terms of the said rule. 3. After hearing Shri A.K. Saxena, learned J.D.R., I find .....

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..... nalty rule lays down that the same shall be either equal to the amount of duty outstanding by the 5th of the succeeding month or Rs. 5000/-, whichever is greater. In the instant case admittedly there is no outstanding amount from the appellants by 5th of the succeeding month in as much as the total duty burden required to be discharged for the 1st fortnight and for the 2nd fortnight was discharged .....

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