TMI Blog2011 (11) TMI 339X X X X Extracts X X X X X X X X Extracts X X X X ..... – penalty imposed – Held that:-Assessee has himself realized that the credit of CVD paid on imported goods was not available to them and have accordingly reversed the credit, they cannot be held guilty of any malafide. No objection was taken by the Revenue in respect of availment of said credit then. Thus, penalty is set aside.- Decided in favor of assessee. - E/2590 of 2007-SM - 777/2011-SM(BR) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d duty was availed as cenvat credit on 22.4.02 and the balance was availed as cenvat credit on 23.7.03. Further, subsequently, the appellants themselves realized that the said goods cannot be considered as capital goods and as such, the credit of CVD so availed by them was not available. Accordingly, they reversed the entire amount of cenvat credit on 27.5.04 alongwith interest of Rs.22,485/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority himself observed that 'It is also correct that appellants of their own had reversed the said cenvat credit on 27.5.04 i.e. before issue of show cause notice.' Further he observed that the appellant's actionn firstly in availing the credit and then reversing the same cannot be held bonafide mistake, inasmuch as they have reversed the credit on their own thus indicating that they were aware o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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