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2008 (6) TMI 145 - AT - Central ExciseBasic excise duty (GSI) payable on dipped tyre cord fabric (an intermediate product) used in the mfg. of animal drawn vehicle tyres – reversal of credit on inputs used is more than basic duty demanded on intermediate product – held that if credit reversed is more, then appellant is not liable to pay further duty – case remanded to Commissioner to give finding regarding reversal of credit - Since appellants were under bona fide belief that goods mfd. were not dutiable, penalty is not sustainable
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