https://www.taxtmi.com/caselaws?id=214271 The Tribunal ruled in favor of the bank in an appeal against a penalty of Rs.5 lakh imposed under Rule 27 of the Central Excise Act, 2002 for failure to surrender/credit sale proceeds of goods. The Tribunal found the penalty unjustified, stating that the bank's actions were part of normal banking operations and did not violate the Act. Additionally, the Tribunal held that the bank's act of discounting export bills or sending them for collection did not render the goods liable to confiscation, thus no penalty could be imposed on the bank for such actions. en-us Tue, 06 Mar 2012 00:00:00 +0530 Wed, 09 Jan 2013 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214271 The Tribunal ruled in favor of the bank in an appeal against a penalty of Rs.5 lakh imposed under Rule 27 of the Central Excise Act, 2002 for failure to surrender/credit sale proceeds of goods. The Tribunal found the penalty unjustified, stating that the bank's actions were part of normal banking operations and did not violate the Act. Additionally, the Tribunal held that the bank's act of discounting export bills or sending them for collection did not render the goods liable to confiscation, thus no penalty could be imposed on the bank for such actions. Case-Laws Central Excise Tue, 06 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214271