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2017 (9) TMI 779 - AT - Central ExcisePenalty - Reversal of CENVAT credit - appellant after extraction of normal paraffin from the imported kerosene returned the kerosene after such process, to M/s. CPCL - concessional rate of duty under N/N. 26/99-Cus. dated 28.2.1999 - Held that: - There could be no ground of bona fide belief on such action when they have availed knowingly the CENVAT credit on the CVD paid on kerosene. The CENVAT Credit Rules did not permit for any ambiguity in interpreting the provisions when the inputs are cleared as such - In the present case, there is no possibility or confusion or bonafide belief for non-reversal of credit in time. In fact, the detailed investigation of accounts as well as statement of various responsible persons of the appellant only could bring in the quantum of reversal, which should have been done by the appellant. It is well within the knowledge by the appellant and there could be no bonafide in not following the procedure and for submitting incorrect Chartered Accountant's certificate - penalty upheld - appeal dismissed - decided against appellant.
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