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2017 (3) TMI 1405 - AT - Central ExciseRecovery of CENVAT credit with interest and penalty - it is alleged that the appellant had reduced the value of closing stock of the raw materials to the extent of ₹ 1,63,28,010/- by amortizing in their Balance Sheet(2002-03) but had not reversed the CENVAT credit of ₹ 26,12,481/- @ 16% of the said value - Held that: - There is no contrary evidence produced by the Revenue by which it could be concluded that the entire value of ₹ 1,63,28,010/- is attributable to inputs on which credit has been availed - certificates submitted by chartered accountants proof the bonafideness of assessee - demand set aside - appeal allowed - decided in favor of appellant.
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