1998 (12) TMI 232

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....as well as penalty of Rs. 5 lakhs on Smt. Hiramati Madani who is the proprietor of Style Cosmetics. The application by M/s. Madona Agencies is for seeking waiver of penalty of Rs. 1 lakh and by applicant Shri Ratanchand B. Shah, proprietor of Madona Agencies seeking waiver of penalty of Rs. 20 lakhs. 2. Learned Counsel Shri C.M. Korde, appeared along with learned Counsel Shri Kantawala for the applicants and submitted that the applicant M/s. Style Cosmetics manufacture nail polish and nail polish remover and the department's case is that they have suppressed production and clearance and have wrongly claimed exemption under Notification 104/83 and availed of the exemption even when the value of their clearances exceeded Rs. 50 lakhs ....

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....l, the value of the clearance yet again be much lower. Another aspect which the department has not considered that the department is without giving any abatement of the duty element from the realisation which reflects cum-duty price. The learned Counsel further pleaded that the appli- cants could not bring out these relevant aspects before the Commissioner, and that it would be in the interest of justice that they be given an opportunity of a detailed presentation of their case afresh before the Commissioner. Financially, also the learned Counsel pleaded that the appellants have closed their unit since 1996 and their only income is the rent received from the two gallas which they possessed and which have let out and the income as per the in....