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2012 (2) TMI 396 - AT - Central ExciseWaiver of penalty – prompt reversal of Modvat Credit of duty paid on angles and bars, used in the construction activities on intimation by department – assessee contending it to be wrong Book Entry, corrected without utilizing the Cenvat credit - Held that:- We find no malafide reasons on the part of respondents to avail the Modvat credit with a fraudulent intention. We accordingly agree with the appellate authority that penalty imposed upon respondents is required to be set aside – Decided against the revenue.
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