1997 (4) TMI 216

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.... Appellant. Shri S. Murugandy, DR, for the Respondent. [Order per : V.P. Gulati, Vice President]. -  The prayer in the application is for dispensation of pre-deposit of duty of Rs. 1,97,447/- and penalty of the like amount levied under Section 11AC of Central Excise Act, 1944 and penalty of Rs. 5,000/- levied on the Director. 2. The ld. Advocate for the appellants accepts the....

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.... pleaded for waiver of the penalty. 3. Inasmuch as the issue is not contested on merits and duty liability is admitted the only question to be decided is regarding penalty. With the consent of both sides the appeals themselves are taken up for disposal dispensing with the pre-deposit of duty and penalties as above. 4. The ld. Advocate accepts the position that engraving charges wer....

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.... above could not have been invoked as it came into force on 20-9-1996 in view of the judgment of Hon'ble Supreme Court in the case of Brij Mohan v. CIT reported in 120 ITR 1. In the facts and circumstances of the case and taking into consideration the pleas made, we hold that ends of justice will be served if the penalty levied on the company which we hold is liable penalty is reduced to Rs. 15,00....