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2008 (1) TMI 111 - AT - Central ExciseAssessee took credit on goods on rejected goods got returned back – since the goods could not be reconditioned and were cleared as such as scrap without any manufacturing process the assessee was required to reverse the entire credit taken by them as per Rule 16(2) CCR – there is merits in the Revenue’s contention that when goods have been cleared “as such” as scrap, assessee are required to reverse the credit taken by them on retuned goods – Bona fide mistake – penalty set aside
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