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2015 (5) TMI 994 - AT - Central ExciseLevy of interest on reversal of cenvat credit - Period of limitation - irregular credit on capital goods has been taken which was subsequently reversed - Held that:- SCN has been issued beyond the period of one year from the relevant date, inasmuch as, the period involved in the present case is from July 2008 to February 2010 and SCN has been issued on 16.08.2011 - though SCN has been issued beyond the period of one year, but the proviso to section 11A of the Act which deals with issuance of the SCN upto a period of 5 years has not been invoked in the said notice specifically alleging involvement of suppression of fact, willful misstatement etc. The fact is not under dispute that the appellants have reflected the credit particulars in their periodic ER-1 returns duly filed before the Jurisdictional Central Excise Officers. Hence, the fact of taking of credit on the disputed goods and suo motto reversal thereof was known to the Department well in advance before detection of the mistake by the Audit Wing. The reliance placed by the Ld. DR on the judgment of Hon'ble Supreme Court in the case of Ind Swift Laboratories [2011 (2) TMI 6 - Supreme Court] has no application to the facts and circumstances of the present case because, the issue involved in the said decided case is with regard to interpretation of the word 'or' / 'and' contained in Rule 14 of the Cenvat Credit Rules, 2004. - Decided in favor of assessee.
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