https://www.taxtmi.com/caselaws?id=1570 A declaration filed in the statutory return format can amount to the written exercise of an exemption option where it clearly discloses reliance on a particular notification and is acted upon, and if that notification prohibits withdrawal during the financial year, the assessee cannot later switch to another exemption for the same period. The duty demand must then be recomputed by treating the sale price as cum-duty price and by verifying admissibility of Modvat credit for final quantification. Penalty under the Central Excise Rules may be reduced where the breach is established but the original penalty is considered excessive, with the minimum prescribed penalty applied. en-us Tue, 01 May 2007 00:00:00 +0530 Tue, 15 Apr 2008 07:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1570 A declaration filed in the statutory return format can amount to the written exercise of an exemption option where it clearly discloses reliance on a particular notification and is acted upon, and if that notification prohibits withdrawal during the financial year, the assessee cannot later switch to another exemption for the same period. The duty demand must then be recomputed by treating the sale price as cum-duty price and by verifying admissibility of Modvat credit for final quantification. Penalty under the Central Excise Rules may be reduced where the breach is established but the original penalty is considered excessive, with the minimum prescribed penalty applied. Case-Laws Central Excise Tue, 01 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1570