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2015 (10) TMI 1331 - CESTAT AHMEDABAD

2015 (10) TMI 1331 - CESTAT AHMEDABAD - TMI - Reversal of CENVAT Credit - Imposition of penalty - Held that:- Appellant took a credit of ₹ 32,19,567/- as per his misunderstanding of Rule 3(7) of the Cenvat Credit Rules, 2004, as per prescribed farmula. However the same was found to be admissible to the extent of only ₹ 27,53,997/-. The same was paid by the appellant promptly on 04.9.2008 much before the issue of Show Cause Notice dt 12.11.2009. The difference in the amount of duty de .....

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not utilized by the appellant. In the present facts of circumstances, it is not a fit case for imposition of penalty under Rule 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944 - Decided in favour of assessee. - Appeal No : E/227/2011 - Order No. A/10214 / 2015 - Dated:- 9-3-2015 - MR. H.K. THAKUR, J. For The Appellant : Shri R.H. Shah. (Manager) For The Respondent : Shri J. Nagori. AR Per: H.K. Thakur This appeal has been filed by the appellant agai .....

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d on 04.9.2008 even prior to issue of Show Cause Notice. That appellant has not agitated reversal of credit on merits but is only agitating non imposition of penalty as the entire inadmissible credit was paid back before issue of Show Cause Notice which was also not utilized. That no penalty under Rule-15(2) is imposable as department itself was not sure of the exact credit inadmissible. 3. Sh. J. Nagori (AR) appears on behalf of the Revenue argued that appellant is a well established major asse .....

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