https://www.taxtmi.com/caselaws?id=113014 Failure to pay duty by the prescribed date attracted liability to interest and penalty under the compounded levy scheme, but where the duty for both fortnights had already been discharged before the 5th of the succeeding month, no outstanding duty remained for the penalty to be computed on. The tribunal held that default still triggered penal liability, yet the penalty could not exceed the statutory minimum. The assessee was therefore liable only to the minimum penalty for each default, and the aggregate penalty was reduced accordingly. en-us Wed, 28 Apr 2004 00:00:00 +0530 Thu, 03 May 2012 12:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113014 Failure to pay duty by the prescribed date attracted liability to interest and penalty under the compounded levy scheme, but where the duty for both fortnights had already been discharged before the 5th of the succeeding month, no outstanding duty remained for the penalty to be computed on. The tribunal held that default still triggered penal liability, yet the penalty could not exceed the statutory minimum. The assessee was therefore liable only to the minimum penalty for each default, and the aggregate penalty was reduced accordingly. Case-Laws Central Excise Wed, 28 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113014