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2018 (3) TMI 163 - AT - Central ExciseCENVAT credit - inputs - M.S. Plates, M.S. Rounds, M.S. Angles used as 'Parts/Components for the capital goods' in manufacture of ultimate product - Held that: - it is settled position of law that the components, spares, and accessories need not fall in Chapter-82, 84 and Chapter 85 of CETA. They can fall in any chapter. The only condition is that they should be part, component or accessory of machinery specified in clause (i)-MF (DR) circular No.276/110/96-TRU dated 02.12.1996 - the appellant are held, allowed to avail the credit of ₹ 69,09,550/- on the inputs and as such there is no contravention of Rule 3 of the Cenvat credit Rules, 2004 and no duty or credit is recoverable under Rule 14 of Cenvat Credit Rules, 2004 read with Section 11A(1) of the Central Excise Act, 1944. Interest - penalty - Held that: - no interest at appropriate rate is recoverable under Rule 14 of Cenvat Credit Rules, 2004 read with Section 11AB of the Central Excise Act, 1944 - the Appellant are not liable for penalty under Rule 15 of Cenvat Credit Rules, 2004 for contravention of Rule 3 of Cenvat Credit Rules, 2004. Appeal allowed - decided in favor of appellant.
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