https://www.taxtmi.com/caselaws?id=33765 Penalty under Section 11AC of the Central Excise Act was held unwarranted because the valuation lapse did not justify automatic punishment on the facts. Although the assessee failed to revise the assessable value in time, the Tribunal found that the final product was cleared on an MRP basis under Section 4A, there was no overall revenue loss to the exchequer, and the Commissioner had given reasoned findings for declining penalty. The Tribunal applied the principle that penalty must be tested on the surrounding circumstances and cannot be imposed mechanically; the Revenue's plea for mandatory equal penalty was rejected. en-us Thu, 27 Nov 2008 00:00:00 +0530 Wed, 10 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33765 Penalty under Section 11AC of the Central Excise Act was held unwarranted because the valuation lapse did not justify automatic punishment on the facts. Although the assessee failed to revise the assessable value in time, the Tribunal found that the final product was cleared on an MRP basis under Section 4A, there was no overall revenue loss to the exchequer, and the Commissioner had given reasoned findings for declining penalty. The Tribunal applied the principle that penalty must be tested on the surrounding circumstances and cannot be imposed mechanically; the Revenue's plea for mandatory equal penalty was rejected. Case-Laws Central Excise Thu, 27 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33765