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2014 (7) TMI 923 - HC - Central ExciseCompounded Levy Scheme - penalty for late deposit - Commissioner (Appeals) set aside the imposition of penalty for late deposit of duty from March 1998 to April 1999 on the ground that proceedings for the same were initiated after five years from the relevant date. - validity of erstwhile Rule 96(ZP) permitting imposition of penalty equal to the amount of duty for delay in payment of duty, without any discretion - Held that:- Tribunal had rightly upheld the order of Commissioner (Appeals) deleting the penalty for the period March 1998 to April 1999. - Decided against the revenue. In Raghuvar (India) Limited's case [2000 (5) TMI 40 - SUPREME COURT OF INDIA], the Apex Court held that any law or stipulation prescribing a period of limitation to do or not to do a thing after the expiry of period so stipulated has the consequence of creation and destruction of rights and, therefore, must be specifically enacted and prescribed therefor.
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