https://www.taxtmi.com/caselaws?id=345643 The Tribunal upheld the first appellate authority's decision to drop interest and penalty in a case where the Revenue challenged the dropping of interest and penalty related to provisional assessments from 2004-05 to 2007-08. The Tribunal emphasized the necessity of following formal assessment procedures under Rule 7 of the Central Excise Rules, 2002, and the requirement of a final assessment order for imposing interest liability. It clarified that interest liability arises only upon finalization of provisional assessments and rejected the Revenue's appeal, affirming the dropping of interest and penalty. en-us Mon, 03 Jul 2017 00:00:00 +0530 Tue, 01 Aug 2017 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345643 The Tribunal upheld the first appellate authority's decision to drop interest and penalty in a case where the Revenue challenged the dropping of interest and penalty related to provisional assessments from 2004-05 to 2007-08. The Tribunal emphasized the necessity of following formal assessment procedures under Rule 7 of the Central Excise Rules, 2002, and the requirement of a final assessment order for imposing interest liability. It clarified that interest liability arises only upon finalization of provisional assessments and rejected the Revenue's appeal, affirming the dropping of interest and penalty. Case-Laws Central Excise Mon, 03 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345643