https://www.taxtmi.com/caselaws?id=262522 The Supreme Court granted special leave to hear an appeal challenging the High Court's order regarding penalties under Section 11 AC of the Central Excise Act, 1944. The High Court found no evidence of willful misconduct by the assessee in using inadmissible Cenvat Credit for duty payment. However, the Supreme Court disagreed, emphasizing the need to consider the issue further. The judgment underscores the importance of compliance with tax laws and the consequences of willful misstatements or suppression of facts. The ruling highlights the significance of upholding tax regulations to prevent evasion of duty and stresses the importance of transparency and accuracy in financial transactions to avoid penalties. en-us Mon, 03 Aug 2015 00:00:00 +0530 Fri, 09 Oct 2015 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262522 The Supreme Court granted special leave to hear an appeal challenging the High Court's order regarding penalties under Section 11 AC of the Central Excise Act, 1944. The High Court found no evidence of willful misconduct by the assessee in using inadmissible Cenvat Credit for duty payment. However, the Supreme Court disagreed, emphasizing the need to consider the issue further. The judgment underscores the importance of compliance with tax laws and the consequences of willful misstatements or suppression of facts. The ruling highlights the significance of upholding tax regulations to prevent evasion of duty and stresses the importance of transparency and accuracy in financial transactions to avoid penalties. Case-Laws Central Excise Mon, 03 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262522