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2012 (11) TMI 481 - JHARKHAND HIGH COURTPenalty u/s 11AC - Assessee reverse the credit on rejected inputs on the basis of sales value instead of credit availed on such inputs under rule 3(5) of CCR – AO impose penalty u/s 11AC – Held that:- Since the assessee continuously, in every statutory monthly return declared the goods and, therefore, the limitation would run from the relevant time and notice could have been issued only within a period of 12 months, therefore, beyond the period of 12 months, no demand could have been raised. Therefore allegation of suppression of facts with intent to evade payment of duty is not sustainable and the demand beyond the normal period of limitation is time barred. Appeal decides in favour of assessee
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