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2010 (4) TMI 278 - HC - Central ExcisePenalty – reduction of penalty – section 11AC – tribunal reduced the penalty reduced from Rs.1,88,997/-, as imposed by the Adjudicating Authority upon the assessee to Rs.50,000/- under section 11AC of the Central Excise Act, 1944 – Held that: - , the assessee has wrongly availed of the modvat credit. He had never received the actual delivery of the goods alongwith invoices and it was a paper transaction. In these circumstances, the present case is squarely covered by Rajasthan Spinning and Weaving Mills's case. Accordingly, the Tribunal could not have reduced the penalty from Rs.1,88,997/- to Rs.50,000/-. – Decided in favor of revenue
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