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2015 (4) TMI 420 - HC - Central ExciseImposition of penalty - Denial of CENVAT Credit - Held that:- availment of cenvat credit on the part of the present appellant is a clear case of fraud committed by M/s Ankit Textiles. The fraud vitiates entire transaction. When M/s Ankit Textiles cannot be held valid to enable credit by the dealer as it itself fictitious because the present dealer has purchased from M/s Ankit Textiles who is no more in existence and fictitious firm and, therefore, the present appellant could not have availed cenvat credit and, therefore, the authorities below as well as learned Tribunal have rightly confirmed ultimately by reducing the amount of penalty from ₹ 7,36,707/- to ₹ 2,00,000/- which, in our view, is in consonance with the allegations levelled against the present appellant and proved fact in view of the clear provisions of the Cenvat Credit Rules, 2002. - Decided against assessee.
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