https://www.taxtmi.com/caselaws?id=208279 Penalty under Section 11AC of the Central Excise Act was considered in the context of CENVAT credit taken on invoices issued by non-existent suppliers. The assessee failed to comply with the precautionary requirements under Rule 7(2) and Rule 7(4) of the CENVAT Credit Rules, 2002 and did not produce evidence that the suppliers existed. On that basis, the availment of credit without verification was treated as suppression of material facts, making the mandatory penalty provision applicable and supporting a 100% penalty outcome. en-us Thu, 24 Nov 2011 00:00:00 +0530 Wed, 04 Jan 2012 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208279 Penalty under Section 11AC of the Central Excise Act was considered in the context of CENVAT credit taken on invoices issued by non-existent suppliers. The assessee failed to comply with the precautionary requirements under Rule 7(2) and Rule 7(4) of the CENVAT Credit Rules, 2002 and did not produce evidence that the suppliers existed. On that basis, the availment of credit without verification was treated as suppression of material facts, making the mandatory penalty provision applicable and supporting a 100% penalty outcome. Case-Laws Central Excise Thu, 24 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208279