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2017 (12) TMI 822 - AT - Service TaxCENVAT credit - credit on capital goods availed in full, later on reversed - Rule 4(2) of the CCR - Held that: - the appellant has proved by way of documentary evidence that they have only taken 50% of the credit during the first year and they have also submitted the reconciliation statement to prove the same - also, the intention behind the provision of Rule 4(2) is not to restrict taking credit but utilisation thereof and in the present case, the appellant has only taken credit and not utilised the same as has been shown by way of documentary evidence. Reliance placed in the case of Bill Forge India Pvt Ltd. [2011 (4) TMI 969 - KARNATAKA HIGH COURT] where it has been held that if the credit has been taken wrongly and the same has been reversed, then the assessee is not liable to pay interest and penalty. Appeal allowed - decided in favor of appellant.
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