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2017 (7) TMI 241 - HC - Central ExcisePenalty u/s 11AC - CENVAT credit was taken, which was not permissible and after the same was realized in audit, thereafter it was reversed - Held that: - if before utilization, the entry has been reversed it amounts to not taking credit - reliance placed in the case of Steelco Gujarat Ltd. v/s. Union of India [2012 (8) TMI 175 - BOMBAY HIGH COURT] wherein the Court observed that if the credit taken on inputs used in the manufacture of the goods cleared under N/N. 14/2002 C.E. or N/N. 30/2004 C.E. is reversed before utilization, it would amount to credit not having been taken - penalty set aside - appeal dismissed - decided against Revenue.
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