2007 (10) TMI 491

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....anjay Kumar, JDR, for the Respondent. [Order per : S.S. Kang, Vice-President (for the Bench)]. -  Applicant filed this application for waiver of penalty of Rs. 50 lakhs imposed under Rule 26 of the Central Excise Rules, 2002. The contention of the applicant is that applicant is a statutory auditor of M/s. Shyam Vanaspati Oil Ltd., which is a private limited company owned by Shri Sanjeev....

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....ltant of the firm the applicant cannot be penalized under Rule 26 of Central Excise Rules as the applicant has not dealt with any offending goods. 2. The contention of the Revenue is that amount of more than Rs. 4 crores was seized from the office cum residence of Proprietor of M/s. Shyam Traders and subsequently the stand was taken by the assessee that currency belongs to M/s. Shyam Vanas....