TMI Blog2007 (8) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... vailed in excess by any fraudulent mean. As contended by the appellant, the same appears to be result of inadvertent mistake they have occurred on account of mis-calculation. Immediate reversal appellant by the appellant reflects upon their bona fide. Further, the payment of interest to the tune of ₹ 1.10 lakhs approx. is also penal in nature and stands paid by the appellant - penalty set as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellants were entitled to take credit as per the prescribed formula i.e. 50% of {x multiplied by (l+BCD/100 multiplied by CVD/100} where BCD and CVD denote ad valorem rate in (%) of basic customs duty and additional customs duty leviable on inputs or capital goods respectively and x denotes the assessable value. However, the Appellants took the credit of full amount of duty even though the duty p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de show cause notice dated 13-9-2005, which culminated into impugned order by Jt. Commissioner imposing penalty under Section 11AC and also Rule 13(1) of Cenvat Credit Rules, 2002. On appeal, the Commissioner (Appeals) set aside the penalty imposed under Section 11AC and reduced the penalty imposed under Rule 13(1) of Cenvat Credit Rules, 2002 from Rs. 3 lakhs to Rs. 1 lakh. Hence, the present app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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