Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2011 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 447 - AT - Central ExciseDenial of CENVAT CRedit - Bogus invoices - Penalty under Rule 15(2) - Held that:- allegation against the appellant firm as well as Shri M.K. Jain is that they took Cenvat credit on the basis of bogus invoices while no material had been received. In my view, while availing bogus Cenvat credit would attract penalty under Rule 15(2) of Cenvat Credit Rules, 2004 readwith Section 11AC, for the same activity penalty under Rule 26 would not be attracted. From the records, it is seen that other than this, there is no allegation against Shri M.K. Jain. There is nothing on record to indicate that Shri M.K. Jain had knowingly acquired possession of any goods or was in any manner concerned in transporting, depositing, concealing, selling or purchasing or in any other manner dealing with any excisable goods which he knew or had reason to believe are liable for confiscation. In view of this, I am of the view that imposition of penalty on Shri M.K. Jain was not called for and the impugned order upholding the same is not sustainable - Decided in favour of assessee.
|