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2011 (11) TMI 208 - CESTAT, AHMEDABADCENVAT Credit taken on the basis of invoices issued by non-existent suppliers – Penalty imposed, reduced by Commissioner (Appeals) – Non- compliance with the provisions of Rule 7(2) and 7(4) of CENVAT Credit Rules, 2002 - Held that:- It is the obligation of the assessee that he takes precautions under Rule and then only take credit. Availment of credit without such verification would lead to a conclusion that there was suppression of facts of non-verification/non-compliance with the provisions of rule and therefore mandatory penalty u/s 11AC is attracted. Consequently, the penalty imposed is enhanced to 100% of the duty. Decided against the Assessee.
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