TMI Blog2010 (7) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... s - Excess credit taken was paid back to revenue alongwith interest - revenue proceeded with levy of penalty against the assessee - assessee prays for waiver - Held that: - conduct of the assessee is appreciable from the adjudication finding itself - assessee does fee not deserve to be deterrently penalized - penalty is waived and the appellate order set aside - ST/260/2010-SM - 771/2010-SM(BR)(P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... waiver there of for no contumacious conduct. 2. Shri Vineet Sharma, ld. Chartered Accountant appearing on behalf of the assessee submits that there was no mala fide act on the part of the assessee to incur liability. Except the impugned period they are immune from taxation being a 100% EOU. Therefore, lenient consideration under Section 80 of the Finance Act 1994 may be made to grant reli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e law abiding nature of the assessee is appreciable from payment of interest. Once entire conduct of the assessee appears to be unquestionable except a failure as aforesaid as found by Revenue, the assessee does fee not deserve to be deterrently penalised for Rs. 1,36,015 in view of no mala fide act found from the assessee. Accordingly, the penalty is waived and the appellate order set aside which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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