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2016 (12) TMI 579 - CESTAT BANGALORELevy of penalty - reversal of credit on being pointed out - Held that: - on perusal of provisions of Section 11A(2B) and the judgments of this Tribunal in the case of CCE vs. COMMISSIONER OF C. EX., PUNE Versus VICKERS SYSTEM INTERNATIONAL LTD. [2007 (10) TMI 107 - CESTAT, MUMBAI] where it was held that Ineligible credit availed on the inputs which were received short – Debit notes for inputs received short were produced by assessee to audit party shows there was no malafide intention – Moreover credit has been reversed along with interest – Genuine mistake, so penalty u/s 11AC not imposable. I am of the view that in this case the imposition of penalty under Section 11AC read with Rule 15(2) is not justified. Hence, I set aside the penalty by setting aside the impugned order with consequential relief, if any, to the appellants - appeal allowed - decided in favor of appellant.
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