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2017 (12) TMI 1279 - AT - Central ExciseLiability of interest and penalty - CENVAT credit reversed - case of appellant is that demand of interest and penalty not justified as the credit was not wrongly availed but due to change over of management as the credit was availed by the earlier company which was amalgamated in company of the present appellant - Held that: - it is not a case of wrong availment of credit, this is due to amalgamation of old company to present company, records were not traceable. The appellant have admittedly reversed the credit, moreover credit so taken was not utilized - there is no reason to impose penalty u/s 11AC - penalty set aside. Interest - Held that: - Since Rule 14 was amended from 1-4-2012 interest thereafter would be chargeable only when Cenvat credit was taken and utilized. Therefore after 1-4-2012 interest would not be chargeable when the credit was not utilized - interest on the Cenvat credit is chargeable upto 31-3-2012 and interest from 1-42012 is set aside. Appeal allowed in part.
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