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of <h1>New Section 11AC in Finance Bill 2011 Introduces Penalties for Excise Duty Errors and Fraudulent Activities, Offers Reduced Penalties for Quick Payment.</h1> Clause 62 of the Finance Bill, 2011, proposes a new section 11AC to the Central Excise Act, addressing penalties for non-levy, short-levy, non-payment, short-payment, or erroneous refunds of excise duty. It stipulates penalties equal to the duty determined in cases of fraud, collusion, or willful misstatements. If transaction details reveal discrepancies, a penalty of fifty percent of the duty is imposed. If the duty and interest are paid within thirty days, the penalty is reduced to twenty-five percent. Modifications by appellate authorities adjust penalties and interest accordingly. The clause clarifies penalty applicability based on recorded transactions.
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