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2018 (3) TMI 1432 - AT - Service TaxCENVAT credit - trading activity - non-maintenance of separate accounts - Held that: - the appellant reversed the cenvat credit along with interest even before issue of show cause notice. As such, the matter could have been closed in terms of Section 73(3) of the Finance Act, 1994. It would appear that only because the credit period was spread over beyond the normal limitation, the Revenue took action of imposing penalty. There is a strong case for the appellant to have a reasonable cause of non-reversal of such disputed credit in time - penalty set aside - appeal allowed - decided in favor of appellant.
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