https://www.taxtmi.com/caselaws?id=33628 Penalty under Section 11AC of the Central Excise Act, 1944 was not attracted because the facts did not establish suppression, fraud, misdeclaration, or any connivance by the assessee in availing credit on invoices issued by bogus suppliers. Penalty was nevertheless justified under Rule 13(1) of the CENVAT Credit Rules, 2002 because the assessee failed to take the reasonable steps required for credit verification and thus breached the conditions for taking credit. en-us Fri, 16 Jan 2009 00:00:00 +0530 Sat, 30 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33628 Penalty under Section 11AC of the Central Excise Act, 1944 was not attracted because the facts did not establish suppression, fraud, misdeclaration, or any connivance by the assessee in availing credit on invoices issued by bogus suppliers. Penalty was nevertheless justified under Rule 13(1) of the CENVAT Credit Rules, 2002 because the assessee failed to take the reasonable steps required for credit verification and thus breached the conditions for taking credit. Case-Laws Central Excise Fri, 16 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33628