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2018 (8) TMI 1217 - AT - Central ExciseValuation - inclusion of value of the CFCs and gum tapes - finalization of provisional assessments - Held that:- There is no denial that there was short payment on this account while there was excess payment overall during the relevant period. Time Limitation - Held that:- The appellant has not disclosed full facts and had suppressed the value of these two items in the data provided to the department. However, the appellant has already paid duty in excess of the proposed demand. Therefore, the demand needs to be set off against the excess duty paid, as done by the lower authority. Penalty u/s 11AC - Held that:- The penalty which can be imposed is equal to the amount of duty not paid or short paid or erroneously refunded. In this case, the net effect of the finalization of the assessment after taking into consideration the value of CFCs and gum tapes would be that the appellant had still paid duty in excess. Therefore, there is no scope for imposing penalty under Sec.11AC because the net differential duty would be negative. The demand is confirmed - penalty set aside - appeal allowed in part.
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