https://www.taxtmi.com/caselaws?id=101424 Taking PLA credit on the date cheques were deposited, and clearing excisable goods before the cheques were realised, attracted penalty because the credit was availed before actual banking clearance. However, where the delay between deposit and realisation was only about two days and the cheques were honoured shortly thereafter, the penalty was found to be disproportionate to the conduct. The penalty was therefore upheld in principle but reduced substantially to a nominal amount, reflecting the limited period of delay and the absence of serious prejudice. en-us Mon, 11 Feb 2002 00:00:00 +0530 Thu, 09 Feb 2012 17:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101424 Taking PLA credit on the date cheques were deposited, and clearing excisable goods before the cheques were realised, attracted penalty because the credit was availed before actual banking clearance. However, where the delay between deposit and realisation was only about two days and the cheques were honoured shortly thereafter, the penalty was found to be disproportionate to the conduct. The penalty was therefore upheld in principle but reduced substantially to a nominal amount, reflecting the limited period of delay and the absence of serious prejudice. Case-Laws Central Excise Mon, 11 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101424