TaxTMI 
TaxTMI 
2011 (8) TMI 957
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....bsp; Per : Mr. B.S.V. Murthy; The facts of the case, in brief are that the appellant M/s. Gandhi Capitals Pvt. Limited is a 100%EOU, engaged in the manufacture of Texturised Yarn and Twisted Yarn falling under Chapter 54 of Central Excise Tariff Act, 1985. On search of the appellants factory premises a shortage of 8220 Kgs of POY (raw material) was found. On being asked, Shri V.K. Gajjar,....
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....urther, redemption fine has also been imposed on the assessee in respect of goods illicitly cleared was also upheld. Both, Revenue and assessee and the Director of the assessee are in appeal. 3. Heard both the sides. Revenue is in appeal on the ground that Commissioner (Appeals) could not have extended the option to pay reduced penalty if the payment is made within 30 days from the date of....
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....on fine could not have been imposed. He relied upon the decision of the Tribunal in the case of G.M. Exports vs. CCE, Bangalore 2008 (226) ELT 571 (Tri. Bang.). I find that in this case, there was no seizure of goods. Officers during their visit have found shortage and Director admitted that the goods have been illicitly cleared and which has not been retracted at any stage subsequently. Neverthel....