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2014 (8) TMI 300 - CESTAT AHMEDABADDisallowance of CENVAT Credit - penalty imposed under Rule 15(3) - Held that:- It is observed from the ground of appeal filed by the appellant that no reasons have been given as to how Cenvat Credit is admissible to them and as to why the order passed by the First Appellate Authority is not acceptable. So far, imposition of penalties upon the appellant is concerned, the issue of chargeability of interest was under litigation and has been settled only by an order passed by Hon'ble Supreme Court in the case of UOI vs. Ind-Swift Laboratories Ltd. The entire Cenvat Credit taken by the appellant already stands reversed. In the facts and circumstances of the case, no penalty is attracted against the appellant under the Finance Act 1994. Penalties imposed upon the appellant are, therefore, set aside and appeal to that extent only is required to be allowed - Decided partly in favour of assessee.
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