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2016 (12) TMI 1521 - AT - Central ExciseReversal of Cenvat credit on CVD - Rule 26 of Central Excise Rules, 2002 - Interest - Penalty - the Appellants are eligible to avail credit on the inputs which were brought to the factory with intention to use in the manufacture of finished goods but soon after they came to know that the inputs could not be used and required to be destroyed, they should have reversed the credit voluntarily under intimation to the department. Having continued to retain the credit after destruction of the same till being pointed out by the department, in my opinion, cannot be construed as a bonafide act. - Levy of interest and penalty confirmed. In the absence of any valid reason and specific evidence against the employee Shri K.D. Dholakia, penalty imposed on him is set-aside - Decided against the assessee.
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