https://www.taxtmi.com/caselaws?id=78644 The Tribunal could not lawfully reduce a penalty under Section 11AC of the Central Excise Act where binding Supreme Court precedents, relied upon by the Revenue, had already settled the penalty position. The dispute arose from wrongful availment of MODVAT credit, and the High Court noted that the Tribunal had diluted the statutory penalty merely because the amount was high, which was inconsistent with those authorities. The reduction of penalty was therefore not sustainable, the Tribunal's order was set aside, and the matter was remanded for fresh decision on merits in accordance with law. en-us Tue, 27 Jul 2010 00:00:00 +0530 Mon, 06 Dec 2010 22:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78644 The Tribunal could not lawfully reduce a penalty under Section 11AC of the Central Excise Act where binding Supreme Court precedents, relied upon by the Revenue, had already settled the penalty position. The dispute arose from wrongful availment of MODVAT credit, and the High Court noted that the Tribunal had diluted the statutory penalty merely because the amount was high, which was inconsistent with those authorities. The reduction of penalty was therefore not sustainable, the Tribunal's order was set aside, and the matter was remanded for fresh decision on merits in accordance with law. Case-Laws Central Excise Tue, 27 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78644