TMI Blog2013 (7) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... whichever is greater – Held that:- No malafide on the part of the assessee, who has immediately reversed the excess credit – Penalty reduced to Rs. 25,000/-, but for reduction in the quantum of appeal, the appeal is otherwise rejected. - Appeal No. 3197 of 2010 (SM) - - - Dated:- 5-7-2013 - Ms. Archana Wadhwa, J. For the Appellant: Shri Mayank Garg, Advocate For the Respondent: Shri A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the appellants have wrongly calculated the same by adopting a wrong value of 400 in the prescribed formula. The appellants contention was that the referred value of 400 in the formula was subsequently reduced to 200 and they, by mistake continue to adopt 400 value and calculate the credit accordingly. This mistake was admitted by the appellant, who reverse the wrongly calculated and availed cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,25,000/in terms of the said Rule and as such prays for rejecting the appeal. 4. Admittedly, the appellant have taken excess credit, it may be the result of wrong calculation of the credit available to them in terms of the formula prescribed in respect of receipt of inputs from the 100% EOU. Such miscalculation has occurred on account of change in the values specified in the said formula fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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