https://www.taxtmi.com/caselaws?id=4228 The High Court clarified that penalties under Section 11AC of the Central Excise Act, 1944 cannot be solely based on professional management but must comply with statutory provisions. It held that penalties may be imposed if Section 11AC requirements are not met, regardless of the company's management status. The Court emphasized that timely payment of both duty and interest is essential to avail the reduced penalty as per the proviso to Section 11AC. Failure to pay interest within the specified period results in a penalty of 100 percent, while timely payment reduces the penalty to 25 percent of the duty amount. en-us Wed, 25 Jul 2007 00:00:00 +0530 Sat, 14 Jun 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4228 The High Court clarified that penalties under Section 11AC of the Central Excise Act, 1944 cannot be solely based on professional management but must comply with statutory provisions. It held that penalties may be imposed if Section 11AC requirements are not met, regardless of the company's management status. The Court emphasized that timely payment of both duty and interest is essential to avail the reduced penalty as per the proviso to Section 11AC. Failure to pay interest within the specified period results in a penalty of 100 percent, while timely payment reduces the penalty to 25 percent of the duty amount. Case-Laws Central Excise Wed, 25 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4228