TMI Blog2015 (12) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Advocate is that they have reversed credit alongwith interest. I find that it was a regular practice of the appellant for 6 months of excess availment of the Cenvat Credit, even which was reversed with interest, the appellant is liable to pay penalty for contravention of the Rules. It is noted that the Adjudicating Authority imposed penalty under Rule 15 of the Rules read with Section 11AC of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority imposed penalty equal amount of duty of ₹ 45,70,042/- under Rule 15 of the Cenvat Credit Rules 1994 read with Section 11AC of the Central Excise Act 2004. By the impugned order, the Commissioner (Appeals) reduced the penalty to ₹ 5,00,000/-. It is contended by the Learned Advocate that while the penalty under Section 11AC of the equal amount was set aside and the reduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant for 6 months of excess availment of the Cenvat Credit, even which was reversed with interest, the appellant is liable to pay penalty for contravention of the Rules. It is noted that the Adjudicating Authority imposed penalty under Rule 15 of the Rules read with Section 11AC of the Act which was modified to ₹ 5,00,000/-. The Revenue has not filed any appeal against such modificati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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