https://www.taxtmi.com/caselaws?id=202850 The tribunal set aside penalties imposed under Section 11AC of the Central Excise Act, 1944, and imposed penalties under Rule 27 instead. Penalties on the Director and Financial Controller under Rule 26 were also set aside as their ignorance in verifying and reconciling accounts did not warrant penalties. The tribunal found that the individuals had a genuine belief that the cheques were debited. Consequently, the appeals were disposed of in favor of the appellants. en-us Fri, 10 Dec 2010 00:00:00 +0530 Tue, 05 Apr 2011 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202850 The tribunal set aside penalties imposed under Section 11AC of the Central Excise Act, 1944, and imposed penalties under Rule 27 instead. Penalties on the Director and Financial Controller under Rule 26 were also set aside as their ignorance in verifying and reconciling accounts did not warrant penalties. The tribunal found that the individuals had a genuine belief that the cheques were debited. Consequently, the appeals were disposed of in favor of the appellants. Case-Laws Central Excise Fri, 10 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202850