2001 (12) TMI 602

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.... Respondent. [Order]. -  This appeal has been filed against imposition of penalty of Rs. 50,000/- (rupees fifty thousand) under Rule 173Q. 2. The facts leading to the present appeal are that during the course of checking of RT-12 returns for the month of July, 1998, the Central Excise Officers observed that the assessee had deposited Rs. 2.0 lac (rupees two lac) but had taken credit o....

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....at as soon as it came to their notice they reversed the amount, that the imposition of penalty was not warranted. He, therefore, prayed that order of imposition of penalty may be set aside and the appeal may be allowed. 4. Shri V.K. Verma, learned DR submits that in the instant case the appellant had taken credit of higher amount than the actual deposit. He submits that not only the higher c....