https://www.taxtmi.com/caselaws?id=760297 CESTAT Chennai-AT allowed appeal against penalty under Section 11AC of Central Excise Act, 1944. Appellant failed to include amortized value of free moulding machines in finished goods valuation. Court held that since duty and interest were paid within three days of officers' visit and before show cause notice issuance, Section 11A(2) prohibited penalty imposition. No suppression with intent to evade tax was established, only ignorance of law. Duty and interest demand upheld but penalty set aside. en-us Fri, 18 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 08:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760297 CESTAT Chennai-AT allowed appeal against penalty under Section 11AC of Central Excise Act, 1944. Appellant failed to include amortized value of free moulding machines in finished goods valuation. Court held that since duty and interest were paid within three days of officers' visit and before show cause notice issuance, Section 11A(2) prohibited penalty imposition. No suppression with intent to evade tax was established, only ignorance of law. Duty and interest demand upheld but penalty set aside. Case-Laws Central Excise Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760297