2007 (3) TMI 108 - AT - Central Excise

Penalty - Revenue contended that respondent has taken the credit on the full amount of capital goods and accordingly penalty imposed in him - Held that penalty not sustainable on the ground that the respondent utilizes the credit as under provided in law

Summary

The Revenue appealed against the setting aside of a penalty of Rs. 50,000 imposed on a respondent for taking credit of full amount against capital goods. The Tribunal rejected the appeal, citing that the credit was utilized in accordance with the law and no penalty was warranted for fraud or willful misstatement. The decision was based on previous rulings and upheld by the Commissioner (Appeals).