2007 (7) TMI 456

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.... Respondent. [Order per : C.N.B. Nair, Member (T)]. - Heard both sides and perused the record. The appeal is directed against the penalty of Rs. One  crore on the appellant Shri Abhay Oswal. 2. The material facts are that Oswal Agro Furane Ltd. imported certain machinery for export production. The unit was a 100% Export Oriented Unit and was eligible for importing of machinery f....

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....discharged especially when such big exemption of Rs. 44 crores had been availed. Even in the event of their failure to meet the export obligation, it was open to them to approach the Board of Approval and obtain the permission for de-bonding and discharge their duty liability". There are also observations that the company adopted reprehensible and mischievous strategies and adopted tactics in deal....

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....t individual director of the company would arise only if veil of corporate entity is lifted and there is finding of fraud by the officer in question. 5. Ld. DR would point out that it is a case where huge amount of customs duty had been not paid. The company also failed to meet its obligation. The submission of the Ld. DR is that since the present appellant was a promoter and the Managing ....