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2016 (6) TMI 1089 - AT - Central ExciseReversal of cenvat credit - Demand at the rate of 8% of their clearances of their exempted goods during the period from April, 199 to June 2000 - Held that:- As per section 70 of Finance Act, 2010 an option was given to the assessee if they reverse prorata credit availed on inputs. In that circumstance, reversal of credit shall be sufficient and no penalty is imposable on the appellant. In this case also the appellant has already reversed the whole credit availed by them instead of prorate credit, the same is sufficient. In the circumstances, we set aside the impugned order demanding an amount of 8% on the clearance of exempted goods. Reversal of the credit made by the appellant is sufficient but the appellant is directed to pay interest for the intervening period as per applicable rate within the period of 30 days from today. In these circumstances, no penalty is imposable on the appellant.
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