https://www.taxtmi.com/caselaws?id=202238 Penalty under Rule 25 was held unsustainable where the short payment of duty resulted from use of an incorrect foreign exchange conversion rate. The duty demand was not disputed, but the assessee had applied a rate from an earlier notification instead of the rate prescribed by Notification No. 68/2003-Cus. (N.T.) dated 26-8-03. As the goods were cleared on proper invoices and the error was treated as a bona fide mistake without material showing mala fide intent, penal action was not justified and the penalty was set aside. en-us Wed, 19 May 2010 00:00:00 +0530 Tue, 22 Feb 2011 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202238 Penalty under Rule 25 was held unsustainable where the short payment of duty resulted from use of an incorrect foreign exchange conversion rate. The duty demand was not disputed, but the assessee had applied a rate from an earlier notification instead of the rate prescribed by Notification No. 68/2003-Cus. (N.T.) dated 26-8-03. As the goods were cleared on proper invoices and the error was treated as a bona fide mistake without material showing mala fide intent, penal action was not justified and the penalty was set aside. Case-Laws Central Excise Wed, 19 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202238