https://www.taxtmi.com/acts?id=12102 Section 11AC establishes a tiered penalty scheme for under levy, non levy or erroneous refund of excise duty: full penalty where under levy results from fraud, collusion, willful misstatement, suppression of facts or intent to evade; a reduced records based penalty where specified records disclose the transactions; a further reduced penalty where duty and interest are paid promptly after the officer's order; and automatic modification of penalty and interest following appellate adjustment, with time for payment of increased amounts counted from the appellate order. en-us Wed, 02 Mar 2011 16:45:24 +0530 Sat, 07 Mar 2015 17:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12102 Section 11AC establishes a tiered penalty scheme for under levy, non levy or erroneous refund of excise duty: full penalty where under levy results from fraud, collusion, willful misstatement, suppression of facts or intent to evade; a reduced records based penalty where specified records disclose the transactions; a further reduced penalty where duty and interest are paid promptly after the officer's order; and automatic modification of penalty and interest following appellate adjustment, with time for payment of increased amounts counted from the appellate order. Act-Rules Bills Wed, 02 Mar 2011 16:45:24 +0530 https://www.taxtmi.com/acts?id=12102