https://www.taxtmi.com/caselaws?id=238791 Penalty and interest provisions under the Central Excise law cannot operate retrospectively before their statutory commencement. Section 11AC penalty was held inapplicable for the period up to 27.09.1996, but applicable from 28.09.1996 onwards, with the benefit of reduced penalty to 25% on timely compliance. Penalty under Rule 173Q(i) was found justified on the facts because statutory records were not properly maintained, but the quantum was reduced as excessive. Interest under section 11AB was confined to the post-28.09.1996 period and could not be levied for the earlier period. en-us Mon, 05 Aug 2013 00:00:00 +0530 Tue, 22 Apr 2014 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238791 Penalty and interest provisions under the Central Excise law cannot operate retrospectively before their statutory commencement. Section 11AC penalty was held inapplicable for the period up to 27.09.1996, but applicable from 28.09.1996 onwards, with the benefit of reduced penalty to 25% on timely compliance. Penalty under Rule 173Q(i) was found justified on the facts because statutory records were not properly maintained, but the quantum was reduced as excessive. Interest under section 11AB was confined to the post-28.09.1996 period and could not be levied for the earlier period. Case-Laws Central Excise Mon, 05 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238791