2017 (3) TMI 630

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....for the respondent ORDER The appellant is in appeal against the impugned order for imposing penalty of Rs. 2 Lac under section 112(b) of the Customs Act, 1962. 2.  The brief facts of the case are that the appellant is a financial corporation who has advanced the sum of Rs. 250.00 Lacs to one M/s Perfect Gold India Ltd. against the mortgaged of land, plant & machinery and building. Th....

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....appellant on the ground that auction has completed on 20.03.2006, whereas they have stake their claim in the plant and machinery on 23.12.2005, therefore, the appellant did not protect in interest of revenue in the claim if the said plant and machinery. Therefore, the appellant is to be penalised. 3.  Heard the parties and considered the submissions. 4.  On consideration submission....