https://www.taxtmi.com/forum/issue?id=109478 Reduced penalty relief under the Finance Act depends on timing of tax and interest payments and on whether elements of suppression or fraud exist. If tax and interest and a stipulated part of penalty are deposited within prescribed periods tied to either the show cause notice or the adjudication order, reduced penalty rates apply; payments made before notice or a hybrid payment sequence can foreclose favourable concessions. Reversal of cenvat credit with interest during audit generally negates the need for a show cause notice and, absent mens rea, penalty should not be invoked; discrepancies between returns and books, however, are treated as concealment and attract heavier penalty exposure. en-us Wed, 02 Dec 2015 19:50:18 +0530 Thu, 23 Jan 2025 15:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=109478 Reduced penalty relief under the Finance Act depends on timing of tax and interest payments and on whether elements of suppression or fraud exist. If tax and interest and a stipulated part of penalty are deposited within prescribed periods tied to either the show cause notice or the adjudication order, reduced penalty rates apply; payments made before notice or a hybrid payment sequence can foreclose favourable concessions. Reversal of cenvat credit with interest during audit generally negates the need for a show cause notice and, absent mens rea, penalty should not be invoked; discrepancies between returns and books, however, are treated as concealment and attract heavier penalty exposure. Discussion-Forum Service Tax Wed, 02 Dec 2015 19:50:18 +0530 https://www.taxtmi.com/forum/issue?id=109478