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2013 (7) TMI 604 - AT - Central ExciseCenvat Credit Reversal - Receipt from insurance company was against damage of capacitor – Held that:- The recovery made from insurance company being related to capital goods attributable to credit of Rs. 1,10,956/-gained by the appellant earlier, to be reversible. Therefore, the duty element of Rs. 1,10,956/- confirmed. Interest shall follow – Decided against the Assessee. Penalty of Rs. 1,10,956/-in terms of Rule 15(2) of Cenvat Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944 – Held that:- No mensrea brought out by show cause notice to invoke Section 11AC in the present case. Intention of evasion being absent there shall not be penalty under Rule 15(2) of Cenvat Credit Rules, 2004 – Decided in favor of Assessee.
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