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TMI Blog2013 (6) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... s engaged in the day-to-day business of the company and said Mr. Pankaj Chovatia in his statement had stated that the credit was availed on the inputs without receiving such inputs as per the directions of Shri Dipesh Gosalia, son of Hansa Gosalia. The finding of fact recorded by the adjudicating authority and upheld by the CESTAT is that the appellants were aware of the developments taking place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receiving information that the company had contravened various provisions of the Customs Act, 1962 as also the Central Excise Act, 1944, the premises of the company were searched on 11th October 1999 wherein shortage of inputs as also the final products were noticed. 3. Dipesh Gosalia, director of the company as also Pankaj Gosalia, in their statements, admitted to the differences in stock of ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A was dismissed by the CESTAT vide order dated 28th September 2010. Challenging the aforesaid order, the present appeals are filed. 5. It is contended by Mr. Nadkarni, learned counsel appearing on behalf of the appellants that the appellants were not concerned with the day-to-day business of the company and in fact Bharat Parekh, full time director of the company, and Ghansyam Bharati, principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny and, therefore, the appellants are liable for penalty. The argument of the appellants that Shri Bharat Parekh and Ghansyam Bharti were looking after the day-to-day business of the company is a wholly inconsistent stand taken for the first time in this appeal and without any basis. 7. In these circumstances, no fault can be found with the decision of the CESTAT that the appellants are liable t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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