https://www.taxtmi.com/caselaws?id=113738 The Appellate Tribunal CESTAT, Mumbai confirmed a duty demand of Rs. 22,92,446 on gold and diamonds shortage. The issue revolved around waiving pre-deposit penalties of Rs. 10 lakhs for M/s. Trojan Jewellery and Rs. 5 lakhs for Shri Sameer Shah, General Manager. The Tribunal accepted the Bank Guarantee covering the penalty amounts until December 2003. Despite arguments that the Guarantee should only apply to the company, not the individual, the Tribunal considered Sameer Shah's explanation for using local market diamonds for an urgent export order. As no misappropriation was found, the Tribunal waived the penalty pre-deposit requirement for both entities, directing them to maintain the Bank Guarantee until appeal disposal. en-us Tue, 28 Oct 2003 00:00:00 +0530 Tue, 08 May 2012 11:35:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113738 The Appellate Tribunal CESTAT, Mumbai confirmed a duty demand of Rs. 22,92,446 on gold and diamonds shortage. The issue revolved around waiving pre-deposit penalties of Rs. 10 lakhs for M/s. Trojan Jewellery and Rs. 5 lakhs for Shri Sameer Shah, General Manager. The Tribunal accepted the Bank Guarantee covering the penalty amounts until December 2003. Despite arguments that the Guarantee should only apply to the company, not the individual, the Tribunal considered Sameer Shah's explanation for using local market diamonds for an urgent export order. As no misappropriation was found, the Tribunal waived the penalty pre-deposit requirement for both entities, directing them to maintain the Bank Guarantee until appeal disposal. Case-Laws Customs Tue, 28 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113738