https://www.taxtmi.com/caselaws?id=106114 Penalty under Rule 57-I(4) was held not leviable where the assessee voluntarily reversed the credit and informed the department before issuance of the show cause notice. The governing principle applied was that penalty for wrongful availment of credit requires intention to evade duty or culpable conduct such as fraud or wilful misstatement. In the absence of any established intent to evade, and where reversal was made before proceedings were initiated, penalty could not be sustained and the Revenue's challenge failed. en-us Tue, 01 Jan 2002 00:00:00 +0530 Mon, 12 Mar 2012 16:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106114 Penalty under Rule 57-I(4) was held not leviable where the assessee voluntarily reversed the credit and informed the department before issuance of the show cause notice. The governing principle applied was that penalty for wrongful availment of credit requires intention to evade duty or culpable conduct such as fraud or wilful misstatement. In the absence of any established intent to evade, and where reversal was made before proceedings were initiated, penalty could not be sustained and the Revenue's challenge failed. Case-Laws Central Excise Tue, 01 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106114