TMI Blog2016 (7) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... nal hearing should be extended to the Appellant for explaining their case regarding correct calculation of Cenvat Credit required to be reversed. Imposition of penalty - Appellant enjoyed double benefits of taking Cenvat Credit and availing depreciation by suppressing the facts - Held that:- When the provisions of Cenvat Credit Rules were abundantly clear then Appellant cannot claim ignorance of law for not imposing penalty. Accordingly penalty has been correctly imposed upon the Appellant. However, looking to the fact that the quantification of correct demand is required to be worked out by the Adjudicating Authority under this order, the amount of penalty on such re worked amount will be required to be calculated and Appellant will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed and corresponding calculation of Cenvat Credit required to be reversed has been wrongly made by the department. Ld. Advocate relied upon Chartered Accounts Certificate dated 05.07.2013 in support of his argument that the depreciation has been wrongly calculated. 3. On the issue of penalty it was the case of the Appellant that once Cenvat Credit wrongly taken was reversed then no penalty is attracted under Rule 15(2) of the Cenvat Credit Rules, 2004 read with section 11AC of the Central Excise Act, 1944. 4. Sri S.S.Chatterjee, Suptd.(AR) appearing on behalf of the Revenue argued that methodology for calculating Cenvat Credit, as per Chartered Accounts Certificate now furnished was never raised before Lower Authorities. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vat Credit Rules were abundantly clear then Appellant cannot claim ignorance of law for not imposing penalty. Accordingly penalty has been correctly imposed upon the Appellant. However, looking to the fact that the quantification of correct demand is required to be worked out by the Adjudicating Authority under this order, the amount of penalty on such re worked amount will be required to be calculated and Appellant will be entitled to option to pay 25% of such reduced penalty on the redetermined amount, along with interest, and 25% reduced penalty under Section 11 AC, if these amounts are paid within one month from the date of receipt of final order passed by the Adjudicating Authority in the remand proceeding. 7. Appeal filed by the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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