https://www.taxtmi.com/caselaws?id=97223 Misdeclaration and undervaluation supported by employee statements and documentary evidence justified the duty demand against the assessee. Personal penalties on the directors could not be sustained because the show cause notice did not contain any specific allegation of their complicity, so those penalties were set aside. The penalty on the assessee was otherwise permissible, but the Tribunal reduced the quantum in view of the facts and circumstances, modifying it substantially. The duty demand was maintained, the directors were relieved from penalty, and the assessee's penalty was reduced. en-us Mon, 13 Aug 2001 00:00:00 +0530 Sat, 14 Jan 2012 14:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97223 Misdeclaration and undervaluation supported by employee statements and documentary evidence justified the duty demand against the assessee. Personal penalties on the directors could not be sustained because the show cause notice did not contain any specific allegation of their complicity, so those penalties were set aside. The penalty on the assessee was otherwise permissible, but the Tribunal reduced the quantum in view of the facts and circumstances, modifying it substantially. The duty demand was maintained, the directors were relieved from penalty, and the assessee's penalty was reduced. Case-Laws Central Excise Mon, 13 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97223