Penalty has to be Equal to Duty Under Section 11AC: Supreme Court

By Vijay Kumar

THE CESTAT had reduced the penalty imposed under Section 11AC of the Central Excise Act. On appeal by Revenue, the Supreme Court recently held that Tribunal could not reduce penalty for an amount lesser than the duty which has been upheld. The Supreme Court directed the assessee to pay the balance of penalty within two months.

Please see 2016-TIOL-178-SC-CX