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2006 (3) TMI 651 - CESTAT, CHENNAIExtract: .......ntly as the assessee bona fidely believed that the item was eligible for credit and availed the same initially, I consider that no penalty is warranted against the assessee. Therefore, the penalty of Rs. 10,000/- imposed on the assessee is set aside. Appeal is thus allowed partially with consequential relief. (Dictated and pronounced in open Court)
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