https://www.taxtmi.com/highlights?id=57029 Reduction in quantum of penalty imposed under Rule 26(2) (i) & (ii) - the Tribunal would say that there is no revenue loss because M/s.Sujana Metal Products Limited have reversed the credit, that can hardly be a mitigating factor for reduction of penalty on the five entities because those entities were well aware that the transaction was a 'circular transaction' and credit was availed on invoices without movement of goods - the exercise of discretion by the Tribunal for reduction of penalty is perverse and unsustainable and accordingly, the same is set aside - the issues are answered in favour of the revenue. - HC en-us Sat, 06 Mar 2021 10:48:37 +0530 Sat, 06 Mar 2021 10:48:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57029 Reduction in quantum of penalty imposed under Rule 26(2) (i) & (ii) - the Tribunal would say that there is no revenue loss because M/s.Sujana Metal Products Limited have reversed the credit, that can hardly be a mitigating factor for reduction of penalty on the five entities because those entities were well aware that the transaction was a 'circular transaction' and credit was availed on invoices without movement of goods - the exercise of discretion by the Tribunal for reduction of penalty is perverse and unsustainable and accordingly, the same is set aside - the issues are answered in favour of the revenue. - HC Highlights Central Excise Sat, 06 Mar 2021 10:48:37 +0530 https://www.taxtmi.com/highlights?id=57029