Bombay High Court Allows Directors' Challenge to Pre-deposit Order in Cenvat Credit Penalty Case — Rule 13(1) of Cenvat Credit Rules, 2002 Does Not Permit Personal Penalty on Directors. The court set aside the CESTAT order directing pre-deposit of 25% penalty by directors, holding that Rule 13(1) only contemplates penalty on the person availing credit.
19 Jan 2010The petitioners, Mr. Ashokkumar H. Fulwadhya and Mr. Daulatkumar H. Fulwadhya, directors of M/s. Harisons Steel Pvt. Ltd., challenged an order dated 4...




