Amendment of section 11AC.
133. In section 11AC of the Central Excise Act, in sub-section (1),––
(i) in clauses (a) and (b), for the words "has not been levied or paid or", the words "has not been levied or paid or has been" shall respectively be substituted;
(ii) in clause (c), for the words "duty so determined", the words "duty so determined only in a case where the penalty is paid within the period so specified" shall be substituted.
Notes on Clauses:
Clause 133 of the Bill seeks to amend clauses (a) and (b) of sub-section (1) of section 11AC of the Central Excise Act so as to insert certain words therein. It further seeks to amend clause (c) of said sub-section (1) so as to provide that the benefit of reduced penalty shall be available only if such amount of penalty is paid within the said period of thirty days.
This amendment will take effect from the date on which this Bill receives the assent of the President.
