2001 (4) TMI 342

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....rge, JDR, for the Respondent. [Order per : J.H. Joglekar, Member (T)]. -  On hearing both sides on the stay application, it appeared that the main appeal itself could be taken up for disposal. Both sides agreeing, this was done after granting waiver of pre-deposit of the penalty of rupees five lakhs imposed on the applicants. 2. The applicants are a public sector corporation and....

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....ion of penalty where no specific penalty is imposable. 4. In the present case certain goods were imported and bonded and had not been cleared after the prescribed period. Show cause notice dated 12-5-1999 was issued alleging that the goods were liable to confiscation under Section 111(o) of the Act, that the duty was recoverable and that penalty under Section 112 was leviable. After hearin....

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....tion 72 was warranted. We find that the show cause notice apart from invoking these provisions, also alleged liability confiscation under Section 111(o) of the Act. For ease of reference this provision is reproduced below :- "Any goods exempted, subject to any condition, from duty or any prohibition in respect of the import thereof under this Act or any other law for the time being in force, in....