https://www.taxtmi.com/caselaws?id=346157 Penalty under section 11AC of the Central Excise Act was held unsustainable where the assessee adopted valuation under section 4A on the basis of then-prevailing Tribunal decisions and claimed a bona fide belief. The record showed confusion over the applicable valuation method, and the conduct did not establish deliberate intention to evade duty, which is necessary for imposition of penalty. The penalty was therefore set aside, while the duty demand and interest remained undisturbed. en-us Wed, 26 Jul 2017 00:00:00 +0530 Mon, 23 Oct 2017 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346157 Penalty under section 11AC of the Central Excise Act was held unsustainable where the assessee adopted valuation under section 4A on the basis of then-prevailing Tribunal decisions and claimed a bona fide belief. The record showed confusion over the applicable valuation method, and the conduct did not establish deliberate intention to evade duty, which is necessary for imposition of penalty. The penalty was therefore set aside, while the duty demand and interest remained undisturbed. Case-Laws Central Excise Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346157