TaxTMI 
TaxTMI 
Confiscation and penalty
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....be liable to a penalty 4[in terms of clause (a) or clause (b) of sub­section (1) of section 11AC of the Excise Act or sub-section (1) of section 76 of the Finance Act (32 of 1994), as the case may be.] (2) In a case, where the CENVAT credit in respect of input or capital goods or input services has been taken or utilised wrongly by reason of fraud, collusion or any wilful mis-statement or sup....
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....ons of sub-section (1) of section 78] of the Finance Act. (4) Any order under sub-rule (1), sub-rule (2) or sub-rule (3) shall be issued by the Central Excise Officer following the principles of natural justice.] ******************* Notes: 1 For the words , without taking reasonable steps to ensure that appropriate duty on the said input or capital goods has been paid as indicated in the docum....
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....ty not exceeding the duty on the excisable goods in respect of which any contravention has been committed, or 2[two thousand rupees], whichever is greater. (2) In a case, where the CENVAT credit in respect of input or capital goods has been taken or utilized wrongly on account of fraud, willful mis-statement, collusion or suppression of facts, or contravention of any of the provisions of the Exci....
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....vice tax, then, the provider of output service shall also be liable to pay penalty in terms of the provisions of section 78 of the Finance Act. (5) Any order under sub-rule (1), sub-rule (2), sub-rule (3) or sub-rule (4) shall be issued by the Central Excise Officer following the principles of natural justice.]" 4. Substituted vide Not. 06/2015 - Dated 1-3-2015 w.e.f. the date on which the ....