1998 (7) TMI 209

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....Shri C.P. Rao, SDR, for the Respondent. [Order per : Gowri Shankar, Member (T)]. - Applications are for waiver of deposit of penalty of Rs. 6.28 lakhs under Rule 57-I(4) and penalties of Rs. 50,000/- each on Shri R.V. Shah and C.A. Shenoy, Chairman, Managing Director and Chief Executive of the assessees. 2. We have heard both sides. 3. The penalties have been imposed followin....