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2012 (2) TMI 396 - AT - Central ExciseWaiver of penalty prompt reversal of Modvat Credit of duty paid on angles and bars, used in the construction activities on intimation by department assessee contending it to be wrong Book Entry, corrected without utilizing the Cenvat credit - Held that:- We find no malafide reasons on the part of respondents to avail the Modvat credit with a fraudulent intention. We accordingly agree with the appellate authority that penalty imposed upon respondents is required to be set aside Decided against the revenue.
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