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2016 (8) TMI 1016 - CESTAT CHENNAIRecovery of interest and imposition of penalty - Rule 15 (2) of CCR 204 read with Section 11AC of the Central Excise Act, 1944 - period from the date of availing of credit upto the date of filing of the revised return - simultaneous availment of depreciation under the Income Tax Act and credit under cenvat scheme during the Assessment year 2007-08 & 2008-09 - filed revised return for the assessment years 2007-08, 2008-09, 2009-10 and 2010-11 on 23.3.2011 on the ground of irregularity found - Held that:- as the appellant duly filed the revised IT return foregoing the benefit of depreciation already availed, and the allowance of credit not being denied by the lower authorities, this, is a sufficient ground for setting aside the penalty. With regard to the aspect of interest, the same is payable as payment of interest is automatic and there is no reason not to levy interest as the Revenue would suffer a loss when interest is not paid. - Decided partly in favour of appellant
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