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2017 (12) TMI 700 - AT - Central ExciseCENVAT credit - input - lead sub-oxide - appellant reversed Credit on being pointed out - Held that: - description of the goods is Lead Sub-oxide but the first stage dealer had imported Lead Ingots which were subjected to some process and thereafter it was converted into Lead sub-oxide and then Lead Sub-oxide sold to the appellant - the appellant has reversed the credit along with interest also after admitting the mistake therefore I confirm the demand on the appellant that he has taken irregular cenvat credit which was reversed by him along with interest. Penalty - Held that: - the appellants have not suppressed any material fact from the Department and he had a genuine belief that the credit shown in the invoice is available to them and therefore had a belief that the first stage dealer must have complied with the conditions and procedure and the provisions of the law - imposition of penalty on the appellant and its Director is not warranted under law. Appeal allowed in part.
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