Penalty
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2012
Dear Experts,
While EA 2000 audit, Audit Team has raised some issue regarding wrong availment of cenvat credit.
We have paid / reversed objected cenvat credit alongwith interest at the same time.
Now, Excise Range office is asking to pay penalty .
Please guide me whether penalty is required to be paid on the same.
Thanks and Regards
While EA 2000 audit, Audit Team has raised some issue regarding wrong availment of cenvat credit.
We have paid / reversed objected cenvat credit alongwith interest at the same time.
Now, Excise Range office is asking to pay penalty .
Please guide me whether penalty is required to be paid on the same.
Thanks and Regards
10 September 2012
Where duty is paid by the assessee before the issue of notice but after it has brought to his notice on raising an objection by audit team etc. then in addition to duty and interest he has to pay penalty equal to one per cent. of such duty per month to be calculated from the month following the month in which such duty was payable, but not exceeding a maximum of twenty-five per cent. of the duty, and inform the Central Excise Officer of such payment in writing.
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