2007 (9) TMI 646

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..... n of law is framed for consideration : Whether the Customs, Excise and Service Tax Appellate Tribunal ( Tribunal ) was correct in holding that there is a principle of law to the effect that penalty imposed on an assessee cannot exceed 5% of the CIF value of the goods sought to be imported? 3. Filing of paper book is dispensed with. 4. The Tribunal has recorded a finding in Paragraph 4 o .....

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..... ic Marbles Pvt. Ltd. does not reflect the correct statement of law. Even otherwise there are a large number of decisions of the Supreme Court to the effect that the quantum of penalty is a matter of discretion depending upon the facts of each case. There can be no hard and fast rule that the penalty imposed cannot exceed 5% of the CIF value of the goods. 6. With these observations, the appeal i .....

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