<h1>Finance Act 2007 Revises Central Excise Act: New Definitions, Settlement Limits, and Appeal Timeframes.</h1> The proposed changes to the Central Excise Act, 1944, in the Finance Act, 2007, include several amendments. Key changes involve harmonizing definitions with the Special Economic Zone Act, 2005, and revising refund application timelines. Amendments clarify the definition of a joint venture, restrict Settlement Commission applications to certain cases, and set new conditions for filing applications, including increased settlement amounts. The amendments also limit the Settlement Commission's powers, including immunity from prosecution, and reduce review and appeal timeframes. Penalties for specific contraventions are reduced, and the scope of 'duty demanded' is expanded for appeals.