https://www.taxtmi.com/caselaws?id=101474 Penalty under Section 11AC of the Central Excise Act was treated as applicable where suppression and misdeclaration were found in the valuation of clearances and the value of rejected goods received back had been omitted from the aggregate clearances, leading to duty short-payment. The statutory maximum penalty was not treated as automatic, and a lesser penalty could be imposed on the facts; the penalty was therefore reduced. The separate question of Modvat credit on rejected goods was not finally decided and, together with the related penalty issue, was remanded for fresh adjudication. en-us Thu, 21 Feb 2002 00:00:00 +0530 Thu, 09 Feb 2012 18:11:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101474 Penalty under Section 11AC of the Central Excise Act was treated as applicable where suppression and misdeclaration were found in the valuation of clearances and the value of rejected goods received back had been omitted from the aggregate clearances, leading to duty short-payment. The statutory maximum penalty was not treated as automatic, and a lesser penalty could be imposed on the facts; the penalty was therefore reduced. The separate question of Modvat credit on rejected goods was not finally decided and, together with the related penalty issue, was remanded for fresh adjudication. Case-Laws Central Excise Thu, 21 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101474