2007 (9) TMI 646

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....msp;The following substantial question of law is framed for consideration : "Whether the Customs, Excise and Service Tax Appellate Tribunal ('Tribunal') was correct in holding that there is a principle of law to the effect that penalty imposed on an assessee cannot exceed 5% of the CIF value of the goods sought to be imported?" 3. Filing of paper book is dispensed with. 4. The Tribun....

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....of the matter the law laid down in Asia Pacific Marbles Pvt. Ltd. does not reflect the correct statement of law. Even otherwise there are a large number of decisions of the Supreme Court to the effect that the quantum of penalty is a matter of discretion depending upon the facts of each case. There can be no hard and fast rule that the penalty imposed cannot exceed 5% of the CIF value of the goods....