Every audit objection doesn’t lead to invocation of extended period and levy of penalty

We have summarized the important judgment of the Hon’ble Tribunal in the case of LANDIS + GYR LTD. V. COMMISSIONER OF CENTRAL EXCISE [2013] 32 Taxmann.com 268 (Kolkata – CESTAT) on following issue as discussed here under: Issue: Whether every audit objection leads to invocation of extended period and levy of penalty, except where mala fide intent is proved? Facts: Landis + Gyr Ltd. (“the Appellant”) is a manufacturer of Electric Meters. During the period June 2005 to May 2007 they received small quantity of Electric Meters for trading. In the manufacture and trading of the said Electri...