2009 (6) TMI 468

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.... ORDER 1. For reasons recorded below, I waived pre-deposit of penalty of Rs. 1,50,000 imposed on the assessees herein (penalty of Rs. 2,74,200 imposed by the adjudicating authority has been reduced to the above amount by the lower appellate authority) and proceed to decide the appeal itself at this stage as the issue lies within a narrow compass. 2. I have heard both sides. Penalty has been impo....