https://www.taxtmi.com/caselaws?id=346939 Interest on delayed central excise duty had to be computed in line with the compensatory statutory scheme, so the levy at Rs. 1,000 per day was unsustainable and interest was confined to 24% per annum. Penalty under Rule 25 of the Central Excise Rules, 2002 was not justified because the default was limited to delayed monthly payment and the transaction remained properly reflected in statutory records. The order was therefore modified to sustain only the interest liability at 24% per annum and to delete the penalty, granting partial relief to the assessee. en-us Tue, 08 Aug 2017 00:00:00 +0530 Fri, 25 Aug 2017 07:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346939 Interest on delayed central excise duty had to be computed in line with the compensatory statutory scheme, so the levy at Rs. 1,000 per day was unsustainable and interest was confined to 24% per annum. Penalty under Rule 25 of the Central Excise Rules, 2002 was not justified because the default was limited to delayed monthly payment and the transaction remained properly reflected in statutory records. The order was therefore modified to sustain only the interest liability at 24% per annum and to delete the penalty, granting partial relief to the assessee. Case-Laws Central Excise Tue, 08 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346939