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2016 (10) TMI 381 - AT - Central ExciseAvailability of sufficient credit in the statutory record - levy of interest - Held that: - the procedure of filling application as per 2010 Budget proposal was not complied with. It is needless to state that the approach of the appellant of reversing the proportionate credit being the object of the 2010 Budget provision, asking the appellant to go through the application procedure is redundant. Therefore, the authority is only to satisfy themselves whether proportionate credit has been reversed or not without burdening the appellant to go through the technical procedures of the law. What that is required is that authority is to look into the substance of the transaction without appreciation of the format. If there is sufficient credit available on statutory record, the appellant shall not suffer penalty. It is needless to state that when sufficient credit is available on record, upon verification, there shall no demand of any duty liability - matter on remand to the adjudicating authority for finding out the credit availability on the statutory record - appeal disposed off.
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