https://www.taxtmi.com/caselaws?id=122871 The Tribunal ruled in favor of the appellants in a case involving a demand for a differential duty and penalty under Section 11AC of the Central Excise Act. The dispute centered around the alleged relationship between the appellants and the buyer, M/s. Velvette International Pharma Products Ltd. The Tribunal found that the buyer was not related to the assessee as claimed by the Commissioner, emphasizing the need to establish a relationship between natural persons, not juristic persons, on the Boards of Directors of the two companies. As a result, the Tribunal waived the pre-deposit and stayed the recovery of the duty and penalty amounts. en-us Tue, 18 Sep 2007 00:00:00 +0530 Tue, 21 Aug 2012 12:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122871 The Tribunal ruled in favor of the appellants in a case involving a demand for a differential duty and penalty under Section 11AC of the Central Excise Act. The dispute centered around the alleged relationship between the appellants and the buyer, M/s. Velvette International Pharma Products Ltd. The Tribunal found that the buyer was not related to the assessee as claimed by the Commissioner, emphasizing the need to establish a relationship between natural persons, not juristic persons, on the Boards of Directors of the two companies. As a result, the Tribunal waived the pre-deposit and stayed the recovery of the duty and penalty amounts. Case-Laws Central Excise Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122871