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2018 (4) TMI 1491 - CESTAT MUMBAIReversal of CENVAT credit - while clearing the repacked GI wires they discharged Central Excise duty approximately to the tune of ₹ 32 lakhs while the CENVAT credit availed was approximately ₹ 38 lakhs - Held that: - The law on this issue is settled by the Hon’ble High Court of Bombay in the case of Ajinkya Enterprises [2012 (7) TMI 141 - BOMBAY HIGH COURT], which is, if any amount is paid as Central Excise duty considering the goods as manufactured and if CENVAT credit is sought to be reversed on the same, the duty disallowed is as good as reversal of the same is equal or more to such credit availed and no demand arises. Liability of interest on amount reversed - Held that: - the appellant is not required to pay interest on the amount which has been reversed, but only on the amount of ₹ 6,31,590/- which was paid during the proceedings before the first appellate authority. Penalty u/r 15 of CCR - Held that: - there is no contravention of the provisions of CENVAT Credit Rules as well as Central Excise Rules - the penalty of ₹ 50,000/- imposed would be sufficient to meet the ends of justice. Appeal allowed in part.
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