2010 (8) TMI 546

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..... able for any penalty for non-submission of annual financial information statement - Appellant had not filed the statement for the year 2003-04, 2004-05 and thereafter also even on the asking of the Revenue - The Appellant during the arguments admitted that for subsequent years also Appellants are paying the penalties as imposed by the Revenue - As Appellant had not filed the annual financial infor .....

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..... statement was introduced by Notification No. 35/2004-C.E.(N.T.) dated 1-11-2004 therefore for the year 2003-04 the Applicants are not liable for any penalty for non-submission of annual financial information statement. Applicants also relied upon the decision of the Tribunal in the case of Commissioner of Central Excise, Vadodara v. Ambalal Sarabhai Enterprises - 2007 (213) E.L.T. 52 (Tri.-Ahmd.). .....

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..... ara v. Ambalal Sarabhai Enterprises (supra). In this case the penalty for not filing the annual financial information statement for the year 2003-04 was set aside by the Commissioner (Appeals) and the same is upheld by the Tribunal on the ground that requirement for filing the statement was introduced w.e.f. 1-11-2004. In view of this fact and circumstances the penalty was set aside. The facts of .....

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