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2015 (10) TMI 1666 - AT - Central ExciseDenial of CENVAT Credit - Penalty u/s 11AC - Held that:- It Is seen that the applicant was expected to reverse the Cenvat credit at the time of clearance. The word ‘amount’ used in Rule 3(4) is with, reference to duty alone. In fact, whenever such an amount is reversed the same can also be used as credit by the recipient of such goods. In these circumstances; I do not find any force in the appellant’s contention that they are not liable to pay the interest. I accordingly, order that the appellant will pay the interest from the date of clearance till the date of payment of Cenvat credit. As far as the penalty under Section 11AC is concerned, I agree with the appellant’s contention that the ingredient as prescribed under Section 11AC for imposition of penalty are not present in the present case and accordingly, penalty under Section 11AC is set aside. - Decided in favour of assessee.
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