I.O.C. LTD. Vs. CCE, VADODARA

JUDGEMENT

(1.) WHEN stay petition E/Stay/1515/99 come up for orders, we heard Learned Representative of the appellant and the Learned Departmental Representative on merits. On hearing the arguments in extenso, we feel that the appeal itself can be disposed of at this stage. Accordingly we are disposing of the appeal.

(2.) ORDER -in -Original No.6/BRC?/MP/99 dated 25.8.99 is under challenge. As per that order central excise duty amounting to Rs.14,36,74,091 was imposed.An identical sum was directed to be paid by way of penalty invoking the provisions contained in Section 11AC of the Central Excise Act read with rule 173Q(1) of the Rules. Interest at the rate of 20% per annum as contemplated by Section 11AB of the Central Excise Act has also been levied.

(3.) APPELLANT , Indian Oil Corporation, a Public Section Undertaking, has already paid the entire amount of duty claimed by the impugned order. Their challenge before us is regarding propriety of imposition of penalty invoking the provisions contained in Section 11AC of the Act.