https://www.taxtmi.com/caselaws?id=76817 Penalty for alleged irregular Cenvat credit was treated as unsustainable where the assessee had received and used the goods, maintained documentary evidence, paid the supplier, and reversed the credit with interest after the irregularity was pointed out. The record showed no incriminating material, no inculpatory statement, and no evidence of connivance, collusion, or participation in any fraudulent credit chain. On those facts, the conduct was regarded as bona fide and not warranting penal action, and the penalty was set aside. en-us Wed, 07 Oct 2009 00:00:00 +0530 Tue, 20 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76817 Penalty for alleged irregular Cenvat credit was treated as unsustainable where the assessee had received and used the goods, maintained documentary evidence, paid the supplier, and reversed the credit with interest after the irregularity was pointed out. The record showed no incriminating material, no inculpatory statement, and no evidence of connivance, collusion, or participation in any fraudulent credit chain. On those facts, the conduct was regarded as bona fide and not warranting penal action, and the penalty was set aside. Case-Laws Central Excise Wed, 07 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76817