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2015 (10) TMI 1788 - AT - Central ExciseDemand of excess availed CENVAT credit -Imposition of penalty - Held that:- in respect of two demands, suppression has been invoked and submits that appellant is a big manufacturer registered with LTU and paying crores of duty in revenue and would not be resorting to avail excess CENVAT credit running into a few lakhs and therefore even if credit has been availed more than what was availed it was basically a calculation mistake or an error of understanding of the provisions and therefore mandatory penalty could not have been imposed. He agrees that appellant has no problem in paying the differential amount if on remand it is found that CENVAT credit taken as per the formula is more than the CVD payable. I find myself in agreement with the submission that what is involved is application of formula and the very fact that disputes have arisen in respect of this formula would show that there can be mistakes that may be made by the employees who take credit. When I look at the amount involved in three appeals and the size of the appellant, the submissions are acceptable. In view of the fact that appellant has volunteered to pay the amount of differential credit if it is found that they are liable to pay as per the decision taken in these appeals, the penalties imposed on the appellant are set aside. - Decided partly in favour of assessee.
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