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2007 (8) TMI 617 - AT - Central ExcisePenalty - Cenvat/Modvat - Wrong availment of credit - Held that: - appellant immediately reversed the modvat credit amount, on being pointed out by the Audit. They also paid interest of ₹ 1,10,325/-. It is not a case where modvat credit was availed in excess by any fraudulent mean. As contended by the appellant, the same appears to be result of inadvertent mistake they have occurred on account of mis-calculation. Immediate reversal appellant by the appellant reflects upon their bona fide. Further, the payment of interest to the tune of ₹ 1.10 lakhs approx. is also penal in nature and stands paid by the appellant - penalty set aside.
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