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Issues: Whether the penalty imposed under Section 11AC could exceed the amount of duty confirmed against the assessee.
Analysis: Section 11AC contemplates imposition of penalty up to 100% of the duty confirmed. The penalty originally imposed exceeded the duty demand sustained against the assessee, which was treated as a rectifiable mistake in the earlier order. The tribunal therefore corrected the quantum of penalty to align it with the duty confirmed.
Conclusion: The penalty under Section 11AC was held to be restricted to the amount of duty confirmed, and the excess penalty was reduced.
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