2007 (9) TMI 646

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....Respondent. ORDER Admit. 2. 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 pa....

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....ty members constituting the Tribunal. In this view 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 imp....