T.T.K. Prestige Ltd. vs Commissioner Of Central Excise

The Supreme Court upheld the Customs, Excise and Gold (Control) Appellate Tribunal's order, confirming the duty demand while remanding the matter for de novo consideration regarding penalty under Section 11AC of the Central Excise Act. The Court emphasized that the imposition of penalty requires evidence of fraud or suppression of facts, which was not present as the appellant voluntarily disclosed the mistake and paid the duty. The appeal was allowed, directing the Commissioner to reassess the penalty in light of the appellant's voluntary compliance.