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2013 (12) TMI 749 - CESTAT NEW DELHIPenalty under Rule 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944 – Personal penalty under Rule 26(1) Bogus invoices issued without supplying any materials – Held that:-There is no allegation against the appellant that he had dealt with any excisable goods which he knew or had reason to believe were liable to confiscation - Under Rule 26 of the Central Excise Rules, as the same stood during the period of dispute, penalty was imposable on any person who acquires possession or is in any way concerned in transporting, removing, depositing, keeping concealing, selling or purchasing, or in any other manner dealing with any excisable goods which he knew or had reason to believe, are liable to confiscation. The only provision for imposing penalty for taking Cenvat credit wrongly is Rule 15 of Cenvat Credit Rules, 2004 under which the penalty can be imposed on the person who takes the Cenvat credit wrongly - Cenvat credit has been availed by M/s. Asha Telecom Pvt. Ltd., not by Shri Ashok Verma, it is M/s. Asha Telecom Pvt. Ltd., who will be liable for penalty and not the Director of the appellant-company – Thus, Penalty under Rule 26 of Central Excise Rules is not sustainable – Decided in favour of Assessee.
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