https://www.taxtmi.com/caselaws?id=334409 Payment of duty, interest, redemption fine and 25% of the penalty within 30 days attracted the reduced-penalty scheme under section 11AC of the Central Excise Act, so the assessee was entitled to that limited penalty benefit. Penalty under rule 26 of the Central Excise Rules, 2004 could not be sustained against a trader because there was no specific finding that it knowingly acquired, transported, sold or otherwise dealt with excisable goods liable to confiscation with the required knowledge or reason to believe. The reduction in penalty was therefore upheld, while the trader's penalty was deleted for want of the requisite finding. en-us Tue, 12 Apr 2016 00:00:00 +0530 Sat, 12 Nov 2016 13:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334409 Payment of duty, interest, redemption fine and 25% of the penalty within 30 days attracted the reduced-penalty scheme under section 11AC of the Central Excise Act, so the assessee was entitled to that limited penalty benefit. Penalty under rule 26 of the Central Excise Rules, 2004 could not be sustained against a trader because there was no specific finding that it knowingly acquired, transported, sold or otherwise dealt with excisable goods liable to confiscation with the required knowledge or reason to believe. The reduction in penalty was therefore upheld, while the trader's penalty was deleted for want of the requisite finding. Case-Laws Central Excise Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334409