Penalty for excise short-levy: reduced penalties available on timely payment of duty and interest under specified conditions. The amended section prescribes graduated penalties for excise duty defaults: non-intentional defaults attract a penalty up to ten percent of the determined duty with a proviso allowing closure if duty and interest are paid before or within thirty days of show cause notice; intentional defaults attract a penalty equal to the duty determined with a transitional fifty percent concession for cases recorded in specified records over a prior period. Reduced penalties apply on timely payment following officer orders or show cause notices, and appellate modifications adjust penalty and interest accordingly. 'Specified records' includes legally maintained and computerized records.