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2015 (2) TMI 1096 - AT - Central ExciseLevy of penalty u/s 11AC - Valuation - consignment sale - The respondent deposited the differential duty along with interest on 05/07/2006. Thereafter they were issued a show-cause notice on 31/10/2006 for imposition of penalty. - Held that:- Admittedly, in the present case when the respondents were informed about the undervaluation of the goods, they deposited the differential duty along with interest. The goods were otherwise cleared by reflecting the statutory records and as such it can be safely concluded that there was no suppression, misstatement or any clandestine activity, with an intent to evade payment of duty, on the part of the respondent, so as to attract the penal provisions. - No penalty - Decided in favor of assessee.
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