https://www.taxtmi.com/caselaws?id=362855 The Tribunal set aside the Order-in-Appeal imposing penalty under Section 11AC of the Central Excise Act, 1944, as the appellant rectified the duty shortfall promptly, voluntarily paid the outstanding amount, and lacked intent to evade duty. The Tribunal emphasized the necessity of 'mens rea' for penalty under Section 11AC, citing a relevant Supreme Court judgment. Consequently, the appeal was allowed in part, highlighting the importance of compliance with valuation guidelines and the absence of fraudulent intent in determining penalty applicability. en-us Thu, 21 Jun 2018 00:00:00 +0530 Thu, 05 Jul 2018 09:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362855 The Tribunal set aside the Order-in-Appeal imposing penalty under Section 11AC of the Central Excise Act, 1944, as the appellant rectified the duty shortfall promptly, voluntarily paid the outstanding amount, and lacked intent to evade duty. The Tribunal emphasized the necessity of 'mens rea' for penalty under Section 11AC, citing a relevant Supreme Court judgment. Consequently, the appeal was allowed in part, highlighting the importance of compliance with valuation guidelines and the absence of fraudulent intent in determining penalty applicability. Case-Laws Central Excise Thu, 21 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362855