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2009 (12) TMI 421 - CESTAT, AHMEDABADPenalty and interest- The appellant had opted for exemption under Notification No. 30/2004-Central Excise and they found that in view of the availment they were not eligible for credit of Service tax amounting to Rs. 1,3,53,337/- during the period from November, 2004 to September, 2005. On their own, the respondents reversed the credit. Show cause notice was issued and after adjudication and appellate proceedings, the matter has come before this Tribunal. Revenue is in appeal against the decision of the Commissioner (Appeals) who has held that appellant is not liable to pay interest on the Service tax credit taken by them in view of the fact that they had not utilized the credit. Held that- as credit remained unutilized, no interest payable. As assessee themselves rectified the mistake, they were not liable to penalty.
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