https://www.taxtmi.com/caselaws?id=108257 Penalty under Rule 96ZQ(5) was held exigible for delayed duty payment under the compounded levy scheme. A one-day delay for the second fortnight was treated as satisfactorily explained because it resulted from an unexpected bank holiday, but a 16-day delay for the first half-month was not excused, as financial difficulty was not accepted as a valid justification for missing the prescribed payment schedule. Payment of interest did not displace the statutory penalty consequence. The penalty was therefore maintained, but reduced from Rs. 6 lakhs to Rs. 3 lakhs on the facts. en-us Wed, 21 Aug 2002 00:00:00 +0530 Fri, 30 Mar 2012 16:54:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108257 Penalty under Rule 96ZQ(5) was held exigible for delayed duty payment under the compounded levy scheme. A one-day delay for the second fortnight was treated as satisfactorily explained because it resulted from an unexpected bank holiday, but a 16-day delay for the first half-month was not excused, as financial difficulty was not accepted as a valid justification for missing the prescribed payment schedule. Payment of interest did not displace the statutory penalty consequence. The penalty was therefore maintained, but reduced from Rs. 6 lakhs to Rs. 3 lakhs on the facts. Case-Laws Central Excise Wed, 21 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108257