Appellate Tribunal waives penalty for export obligation non-fulfilment, finding no personal guilt.

The Appellate Tribunal CESTAT, New Delhi waived the penalty of Rs. 5 lakhs imposed on Shri S.D. Kapoor for non-fulfilment of export obligation by M/s. Flistex Magnetics Ltd., finding no personal guilt on Kapoor's part. The Tribunal attributed the failure to meet export obligations to business failure rather than tax evasion.

---

---

The Appellate Tribunal CESTAT, New Delhi ruled in a case involving a penalty of Rs. 5 lakhs imposed on Shri S.D. Kapoor for non-fulfilment of export obligation by M/s. Flistex Magnetics Ltd. The Tribunal found no personal guilt on Kapoor's part and waived the penalty, stating that failure to make exports was due to business failure and not tax evasion.

---