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2012 (3) TMI 361 - AT - Central ExciseCENVAT Credit - Penalty - Non utilization of credit - Held that:- Penalty proceeding being quasi-criminal in nature the conception, preparation, attempt and commitment should demonstrate contumacious conduct and result in causing prejudice to Revenue. The appellant did not reach to the commitment stage although conception and preparation for taking credit is visible from the credit entry in the statutory record. In absence of attempt and commitment penalty is not exigible - Decided in favour of assessee.
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