https://www.taxtmi.com/caselaws?id=114279 Penalty under the Central Excise Act was held inapplicable where undervaluation arose from reliance on the supplier's declared price and the assessee had no suppression of facts or intent to evade duty. The record showed that the supplier's description did not clearly disclose the omission in the component value, and the assessee acted on that declaration in bona fide reliance. In the absence of deliberate misstatement, fraudulent conduct, or mala fide intent, the statutory ingredients for penalty and the extended consequences of demand were not met, so the penalty order was set aside and the deposited amount was directed to be returned. en-us Wed, 03 Mar 2004 00:00:00 +0530 Mon, 14 May 2012 13:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114279 Penalty under the Central Excise Act was held inapplicable where undervaluation arose from reliance on the supplier's declared price and the assessee had no suppression of facts or intent to evade duty. The record showed that the supplier's description did not clearly disclose the omission in the component value, and the assessee acted on that declaration in bona fide reliance. In the absence of deliberate misstatement, fraudulent conduct, or mala fide intent, the statutory ingredients for penalty and the extended consequences of demand were not met, so the penalty order was set aside and the deposited amount was directed to be returned. Case-Laws Central Excise Wed, 03 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114279