https://www.taxtmi.com/caselaws?id=120100 Penalty under the Cenvat Credit Rules was not sustained at the enhanced or equivalent level because the wrongful credit was reversed before the show cause notice and the record did not establish fraud, wilful misstatement, suppression of facts, collusion, or intention to evade duty. The Tribunal noted that the assessee had obtained a double benefit by taking Cenvat credit on capital goods while also claiming depreciation under the Income-tax Act, but found the mitigating circumstances and the Board circular sufficient to support a reduced penalty. The Commissioner (Appeals)' discretionary reduction of penalty was therefore upheld, and the Revenue's challenge failed. en-us Fri, 08 Sep 2006 00:00:00 +0530 Mon, 16 Jul 2012 17:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120100 Penalty under the Cenvat Credit Rules was not sustained at the enhanced or equivalent level because the wrongful credit was reversed before the show cause notice and the record did not establish fraud, wilful misstatement, suppression of facts, collusion, or intention to evade duty. The Tribunal noted that the assessee had obtained a double benefit by taking Cenvat credit on capital goods while also claiming depreciation under the Income-tax Act, but found the mitigating circumstances and the Board circular sufficient to support a reduced penalty. The Commissioner (Appeals)' discretionary reduction of penalty was therefore upheld, and the Revenue's challenge failed. Case-Laws Central Excise Fri, 08 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120100