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2018 (2) TMI 138 - CESTAT CHENNAIDemand of interest and penalty - - Held that: - It is not disputed that the appellant has reversed the credit before utilization - similar issue decided in the case of The Commissioner of Central Excise, Madurai Versus M/s. Strategic Engineering (P) Ltd. [2014 (11) TMI 89 - MADRAS HIGH COURT], where it was held that it is an admitted fact that Rule 14 of the Cenvat Credit Rules has been subsequently amended, wherein it has been clearly stated as “taken and utilised”. Therefore it is quite clear the mere taking itself would not compel the assessee to pay interest as well as penalty. The demand of interest and penalty cannot legally sustained - appeal allowed - decided in favor of appellant.
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