https://www.taxtmi.com/caselaws?id=213016 The Tribunal ruled in favor of the Revenue in an appeal concerning the dropping of interest demand and reduction of penalty under Section 11AC. It held that if interest was paid within 30 days of a corrigendum re-confirming the demand, the penalty should be reduced to 25% of the duty confirmed. Emphasizing timely interest payment for reduced penalty benefits, the Tribunal remanded the matter to verify payment within the stipulated timeframe. Compliance with payment obligations within the specified period was deemed crucial in determining the appropriate penalty amount, underscoring the need for further assessment. en-us Tue, 28 Jun 2011 00:00:00 +0530 Fri, 04 May 2012 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213016 The Tribunal ruled in favor of the Revenue in an appeal concerning the dropping of interest demand and reduction of penalty under Section 11AC. It held that if interest was paid within 30 days of a corrigendum re-confirming the demand, the penalty should be reduced to 25% of the duty confirmed. Emphasizing timely interest payment for reduced penalty benefits, the Tribunal remanded the matter to verify payment within the stipulated timeframe. Compliance with payment obligations within the specified period was deemed crucial in determining the appropriate penalty amount, underscoring the need for further assessment. Case-Laws Central Excise Tue, 28 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213016