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2011 (10) TMI 539 - AT - Central ExcisePenalty u/s 11AC - Reversal of CENVAT Credit - Held that:- it becomes quite clear that assessee found out wrong availment of credit on their own and reversed it in August 2006 and when audit party pointed out excess availment of credit in 2008 once again reversed the same apparently forgetting the fact that the amount already had been reversed. The very fact that appellant had reversed the credit by themselves which was wrongly utilized by them would show that there was no intention to evade payment of duty by suppressing facts or resorting to misdeclaration. Further, prompt reversal of the amount and payment of interest in December 2008 would support the view that appellants did not have any intention to evade duty. Under these circumstances I do not consider that imposition of penalty in this case is warranted. Accordingly, the impugned order as regards penalty under Section 11AC is set aside - Decided in favour of assessee.
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