9911796707
TMI Blog2005 (9) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 16-9-2005 - [Order per : S.S. Sekhon, Member (T)]. - Appellants as M/s. Lenzohm Electrical Engineering Co. Pvt. Ltd. was a company incorporated as Pvt. Ltd. Company on 29-10-70 and they were engaged, as assessee under the Central Excise Act, 1944, in manufacturer of Electrical Motor parts etc., and had filed necessary declaration claiming exemption from payment of duty. They obtained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd.). The Jt. Commissioner after accepting the facts of incorporation etc. finding no financial flow back yet held the denial of notification benefit, confirmed the demand and imposed a penalty. 1.4CCE (A), dismissed the appeal filed on the grounds of the assessee being a corporate facade of the holding Company and in view of camouflage of the actual identity to avail in admissible exemptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial it is found - (a)A company, registered, will have a distinct corporate personality of its own irrespective of the share-holders is the basic concept of a company under law. The piercing of veil of corporate identity can be resorted only under special circumstances. A subsidiary has to be recognized as an independent company. We find no reason to pierce the veil. (b)It is recognized fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no reason to suspect and uphold suppression or mens rea for penalty. (d)The holding company was allotted 5 1% shares on 26-12-97 and was monetarily involved with the appellants company only from 26-12-97 and was recognized and established vide incorporation certificate dated 19-6-98 by the Registration of companies and there irrespective of transfer of shares, it did not exist before 19-6-98 the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
