TMI Blog2017 (7) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Steelco Gujarat Ltd. v/s. Union of India [2012 (8) TMI 175 - BOMBAY HIGH COURT] wherein the Court observed that if the credit taken on inputs used in the manufacture of the goods cleared under N/N. 14/2002 C.E. or N/N. 30/2004 C.E. is reversed before utilization, it would amount to credit not having been taken - penalty set aside - appeal dismissed - decided against Revenue. - Central Excise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble for penalty under Section 11AC of the Act. The learned counsel relies on the judgment of Apex Court in a case of Union of India V/s. Rajasthan Spinning and Weaving Mills, reported in 2009 (238) E.L.T. 3. 3] The learned counsel for the Assessee states that on realizing the mistake and before utilizing the said credit, the entry was reversed. No benefit was taken by the Assessee. There was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilized the said amount. The Apex Court in a case of Union of India V/s. Rajasthan Spinning and Weaving Mills (supra) has held that penalty under Section 11AC is a punishment for an act of deliberate deception by the Assessee with intent to evade duty by adopting any of the means mentioned in the section. In the said case, the show cause notice was issued for payment of duty and the payment was not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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