VRN AND CO. Vs. COMMISSIONER OF CENTRAL EXCISE

JUDGEMENT

(1.) Penalty of Rs. 1,20,000 imposed on the assessees herein by the lower appellate authority, under the provisions of Sec. 76 of the Finance Act, 1994 is challenged in this appeal.

(2.) I have heard both sides. I find that a penalty was also imposed under Sec. 78 and the Commissioner (Appeals) has held that no order is required in respect of that penalty, as the assessees had already paid 25 per cent of the same. It is well -settled that penalty under Ss. 76 and 78 are mutually exclusive. I, therefore, set aside the penalty imposed under Sec. 76 of Chapter V of the Finance Act, 1994 and allow the appeal.