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2018 (5) TMI 970 - AT - Central ExciseDemand of interest and penalty - reversal of input credit on obsolete material - Held that: - the appellant on their own at the time of audit itself reversed the cenvat credit of ₹ 5,61,616/- on obsolete raw materials for the year 2008, 2009, 2010 and 2011 - during the period in dispute there was no recovery mechanism to recover the cenvat credit wrongly taken under the provisions of Rule 3(5B) and the recovery mechanism was brought into existence from 01.03.2013 vide N/N. 3/2013 dated 01.03.2013 - the demand of cenvat credit for inputs for which the provisions to write off has been made is not sustainable in law and therefore, the appeal of the appellant allowed to the extent of dropping the demand of interest and penalty - appeal allowed - decided in favor of appellant.
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