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2009 (3) TMI 393 - AT - Central ExciseCredit on inputs procured from EOU – Quantum of credit – for application of the formula to vaail credit, assessessable value of goods cannot be held to be inclusive of BCD (basic customs duty) as contended by the appellant - Appellant submits that the entire credit was taken on records on the basis of the invoices issued by M/s. Reliance Industries Ltd. and there was no mala fide on their part. The issue involved is of a legal interpretation of the provisions of Rule 3(7) and as such the imposition of penalty upon them was not justifiable. I agree with the above submissions of the appellant. The issue being of technical nature involving interpretation of law and the entire credit having been reflected by the appellant in their statutory records, the appellant cannot be held guilty of any mala fide thus invoking any penal action against them. Accordingly, while confirming the demand of duty, I set aside the penalty imposed
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