https://www.taxtmi.com/caselaws?id=122458 The Settlement Commission accepted M/s. Lumax Sarnlip Industries Ltd.'s arguments on duty liabilities related to reimbursement and price escalation but rejected the proposed recovery on notional interest and Modvat credit on capital goods. The company's immediate payment of admitted duty liabilities, true disclosure, and cooperation led to a settlement under the Central Excise Act, granting immunity from interest, penalty, and prosecution. The duty liability was settled at Rs. 21,14,167, with the judgment emphasizing the importance of tribunal decisions and circulars in ensuring a fair resolution process. en-us Tue, 08 Feb 2005 00:00:00 +0530 Mon, 13 Aug 2012 17:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122458 The Settlement Commission accepted M/s. Lumax Sarnlip Industries Ltd.'s arguments on duty liabilities related to reimbursement and price escalation but rejected the proposed recovery on notional interest and Modvat credit on capital goods. The company's immediate payment of admitted duty liabilities, true disclosure, and cooperation led to a settlement under the Central Excise Act, granting immunity from interest, penalty, and prosecution. The duty liability was settled at Rs. 21,14,167, with the judgment emphasizing the importance of tribunal decisions and circulars in ensuring a fair resolution process. Case-Laws Central Excise Tue, 08 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122458