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2010 (9) TMI 396 - HC - Central ExciseDemand and penalty – Period of limitation – appellant availed the benefit of exemption Notification No. 108/95-C.E - exemption to goods supplied to projects which are financed by the World Bank, the Asian Development Bank or any international organisation, subject to fulfillment of conditions - Japan Bank of International Co-operation was not an international organisation approved duly in terms of the explanation attached to Notification No. 108/95-C.E. was not readily forthcoming by any records to which the respondent had access - no suppression of facts - conditions precedent under Section 11AC for the purpose of levy of penalty are not satisfied - Tribunal justified in setting aside the penalty levied under Section 11AC of the Act as well as issuing the direction to recalculate the demand alongwith duty and interest by applying normal period of limitation
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