Judgment N.K.Sud, J. 1. We have heard the Counsel for the parties and we are satisfied that the following question of law arises out of the order of the Customs, Excise and Gold (Control) Appellate Tribunal, New Delhi (in short "the Tribunal") dated 8-1-2003 :- "Whether on the facts and circumstances of the case of the Tribunal could reduced the penalty to an amount which is less than the amount specified in Clause (ii) of Sub-rule (5) of Rule 96ZQ of the Central Excise Rules, 1944?" 2. Accordingly, we direct the Tribunal to draw up a statement of the case and refer the above question for the opinion of this Court. 3. The petition stands allowed.