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of <h1>Supreme Court affirms Tribunal decision on rectifying genuine mistake without penalties.</h1> <h3>COMMISSIONER OF CENTRAL EXCISE, VAPI Versus KISAN MOULDINGS LTD.</h3> The Supreme Court of India upheld the Gujarat High Court's decision, affirming the Tribunal's findings of a bona fide mistake that was rectified. The ... Penalty – Bona fide mistake – Cenvat credit – bona fide mistake which was subsequently rectified - penalty under Section 11AC, as the word suggests, is punishment for an act of deliberate deception by the assessee with the intent to evade duty for adopting any of the means mentioned in the Section - Since the present is a case of bona fide mistake and because there was a categorical finding then there was no intention to evade tax - no interference is called for – Appeal dismissed The Supreme Court of India dismissed the appeals challenging the Gujarat High Court's order affirming the Tribunal's findings of a bona fide mistake that was rectified. The Court cited a previous decision stating that penalties for deliberate deception do not apply in cases of genuine mistakes.
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