https://www.taxtmi.com/caselaws?id=114768 CESTAT held that no penalty was warranted where the assessee availed exemption on furnace oil and allied inputs in line with the Tribunal's earlier ruling in its own case, because it had followed the then-prevailing judicial view and not any later Supreme Court clarification. On the same facts, interest under Section 11AB was not recoverable because the statutory basis of fraud, suppression, collusion, or wilful misstatement was absent. The demand for penalty and interest therefore failed, and the assessee succeeded on the excise liability arising from the exemption claim. en-us Wed, 15 Dec 2004 00:00:00 +0530 Sat, 19 May 2012 18:14:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114768 CESTAT held that no penalty was warranted where the assessee availed exemption on furnace oil and allied inputs in line with the Tribunal's earlier ruling in its own case, because it had followed the then-prevailing judicial view and not any later Supreme Court clarification. On the same facts, interest under Section 11AB was not recoverable because the statutory basis of fraud, suppression, collusion, or wilful misstatement was absent. The demand for penalty and interest therefore failed, and the assessee succeeded on the excise liability arising from the exemption claim. Case-Laws Central Excise Wed, 15 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114768