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2016 (3) TMI 303 - AT - Central ExciseCenvat Credit as per Notification no. 35/2003-CE (NT) - extended period of limitation invoked - reversal of cenvat credit - penalty imposed - Held that:- There is no suppression of any fact or any willful misstatement made by the appellant so as to justify invoking the extended period of limitation, and further the appellant has admitted his mistake and reversed the Cenvat Credit. Further, the contention of the appellant that notification clarifying the earlier notification was not published when he availed the Cenvat Credit; this may be a bonafide mistake on account of which he has availed Cenvat Credit. Therefore, in such a situation, the appellant is not liable to penalty. But the appellant is certainly liable to pay interest on the said amount as per the rate applicable under the provisions of the Section 11AB of the Central Excise Act, 1944. Therefore, partly allow the appeal by setting aside the penalty imposed on the appellant and hold that the appellant is liable to pay interest from the date he availed the Cenvat Credit till he reversed the same as per the provisions of Section 11AB of the Central Excise Act. - Decided partly in favour of assessee
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