2008 (7) TMI 162

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.... Ms. Sudha Koka, SDR, for the Respondent. [Order (Oral)]. - This appeal arises from Order-in-Revision No. 67/2006 dated 12-12-2006 by which the Commissioner has imposed penalty under Section 76 of the Finance Act, which had been dropped by the Assistant Commissioner. He has imposed Rs. 200/- per day under Section 76 and enhanced the penalty from 25,000/- to 4,00,000/- in terms of Section 78 of ....

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....he penalty. 2. The learned Counsel submits that this very issue was examined by the Tribunal in the case of Majestic Mobikes v. CCE, by Final Order No. 652-672/2008, dated 30-5-2008 [2008 (11) S.T.R. 609 (Tribunal)] and after detailed examination held that once the Original Authority has exercised his power reasonably and found bona fides on the part of the assessee in relation to deposits, the....