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2015 (3) TMI 383 - AT - Central ExciseCENVAT Credit - absence of any machinery provisions in the Act or the Rules for the recovery - Rule 57CC - Held that:- Appellants have made an offer to reverse the actual modvat credit taken on the inputs which have been used in the manufacture of exempted product in terms of Rule 57C. It is seen that they have also deposited an amount of ₹ 35,000/- towards such reversal. Keeping in view the Tribunal's decision and the appellants offer to reverse the credit, we set aside the impugned order and remand the matter to the original adjudicating authority for quantification of the actual modvat credit availed by the appellants on the inputs used in the manufacture of exempted product. Penalty of ₹ 25,000/- imposed upon the appellants is also set aside - Decided in favour of assesse.
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