2007 (6) TMI 8

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....y the quashing of a penalty of Rs. 1,50,000/- Rs. One Lakh Fifty Thousand) by Commissioner (Appeals). 3. In an adjudication proceeding the said penalty was imposed on the respondent Mr. Gupta under Rule 209A of Central Excise Rules, 1944 in connection with certain Modvat irregularities committed by A.B. Tools. The charge was that it had taken Modvat credit against 34 invoices without receiving ....

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....her in such a situation a penalty was imposable on the respondent under Rule 209A. The relevant rule read as under :- "209A. Penalty for certain offences. Any person who acquires possession of, or is in any way concerned in transporting, removing, depositing, keeping, concealing, selling or purchasing, or in any other manner deals with, any excisable goods which he knows or has reason to-believ....