2017 (7) TMI 92

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....llant : A. P. Mathur For the Respondent : A.S.G.I.,C.S.C.,Parv Agarwal,Syed Zafar Moonis ORDER Heard Shri A.P. Mathur and Shri Parv Agarwal for the parties. The assessee-appellant has preferred this appeal against the order of the Tribunal dated 12.12.2006 by which the penalty of Rs. 4,58,334/- imposed under Rule 96-ZO of the Central Excise Rules, 1944 has been reduced to Rs.one lac. ....

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....lty equal to the amount outstanding vide Shree Bhagwati Steel Rolling Mills vs. Commissioner of Central Excise, 2015 (326) E.L.T. 209 (S.C.) In view of the fact that the upper limit of imposing penalty equal to the amount outstanding has been declared to be ultra vires, a penalty of minimum of Rs. 5000/- or some reasonable higher amount alone can be imposed. There is material or basis to jus....