2014 (7) TMI 68

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..... ty as held by the Tribunal in Indian Leaf Springs Mfg. Co. (2013 (7) TMI 337 - CESTAT BANGALORE) wherein it was held that if Cenvat credit is taken and simultaneously depreciation is also claimed for income tax purposes, further the Cenvat credit lying in Cenvat credit account unutilized in that situation, mandatory penalty is not imposable. Therefore, following the decision of this Tribunal, I se .....

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..... the provisions of CENVAT Credit Rules, 2004. Accordingly, proceedings were initiated. The duty demand on account of denial of Cenvat credit was confirmed along with interest and equivalent amount of penalty were confirmed against the appellant. Aggrieved from the said order, appellant preferred appeals. 3. Today when the matter came up for hearing ld. counsel for the appellant submits that in v .....

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