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2014 (2) TMI 526 - AT - Service TaxAvailment of CENVAT Credit - benefit of Notification No. 1/2006-ST dated 1.3.2006 - Penalty u/s 76 - Held that:- if the CENVAT credit is reversed subsequently also, it amounts to the credit not being taken initially. Therefore, prima facie, the subsequent reversal of CENVAT credit availed by the appellant appears to fulfill the obligation under Notification No. 1/2006-ST of not availing the CENVAT credit for entitlement to the benefit of Notification - Appellant has made out a strong prima facie case in their favour for wavier of predeposit and grant of stay - Stay granted.
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