https://www.taxtmi.com/caselaws?id=262106 Wilful understatement of assessable value and consequent short payment of excise duty attracted penalty under Section 11AC of the Central Excise Act, 1944 and Rule 25 of the Central Excise Rules, 2002 because the reduced declared values were not shown to be provisional, the correct costing emerged only after departmental verification, and suppression with intent to evade duty was established. Revenue neutrality and later payment did not negate the penalty. On CENVAT credit, duty paid through supplementary invoices remained admissible to the receiving unit under the credit scheme, as the substantive entitlement under the CENVAT Credit Rules could not be denied merely because the duty was paid after departmental detection; the denial under Rule 9(1)(b) was set aside. en-us Mon, 13 Jul 2015 00:00:00 +0530 Sat, 01 Aug 2015 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262106 Wilful understatement of assessable value and consequent short payment of excise duty attracted penalty under Section 11AC of the Central Excise Act, 1944 and Rule 25 of the Central Excise Rules, 2002 because the reduced declared values were not shown to be provisional, the correct costing emerged only after departmental verification, and suppression with intent to evade duty was established. Revenue neutrality and later payment did not negate the penalty. On CENVAT credit, duty paid through supplementary invoices remained admissible to the receiving unit under the credit scheme, as the substantive entitlement under the CENVAT Credit Rules could not be denied merely because the duty was paid after departmental detection; the denial under Rule 9(1)(b) was set aside. Case-Laws Central Excise Mon, 13 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262106