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2012 (6) TMI 366 - CESTAT, AHMEDABADPenalty u/s 11AC - alleged availment of excess credit under formula specified in Rule 3(7) of Cenvat Credit Rules, 2004 - credit availed on purchases of raw materials from a 100% EOU - SCN speaks of application of wrong formula but does not say what is the correct formula - reversal of credit under protest - Held that:- It is only known that there was availment of excess cenvat credit but we do not know whether it was because of calculation mistake or because of application of wrong formula. Since appellants paid dues under protest as soon as it was pointed and subsequently after going through the relevant provisions, revised the calculations and submitted the calculation sheet to the department would show that appellant have acted in a bonafide manner. Hence, there was no intention to evade duty or avail wrong credit and what was happened appears to be a bonafide mistake. Penalty imposed u/s 11AC is set-aside.
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