https://www.taxtmi.com/caselaws?id=263682 Penalty under Section 11AC of the Central Excise Act, 1944 requires recorded and proved findings of fraud, collusion, wilful misstatement, suppression of facts, or comparable contravention with intent to evade duty. Where the adjudication record contains no clear satisfaction on these statutory ingredients, and the dispute is treated as a debatable requantification issue, the statutory basis for penalty fails. The Tribunal's deletion of penalty was therefore upheld in favour of the assessee, while the underlying duty dispute was not disturbed. en-us Wed, 11 Mar 2015 00:00:00 +0530 Wed, 30 Sep 2015 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263682 Penalty under Section 11AC of the Central Excise Act, 1944 requires recorded and proved findings of fraud, collusion, wilful misstatement, suppression of facts, or comparable contravention with intent to evade duty. Where the adjudication record contains no clear satisfaction on these statutory ingredients, and the dispute is treated as a debatable requantification issue, the statutory basis for penalty fails. The Tribunal's deletion of penalty was therefore upheld in favour of the assessee, while the underlying duty dispute was not disturbed. Case-Laws Central Excise Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263682