https://www.taxtmi.com/caselaws?id=121617 Penalty for excess Cenvat credit taken on an incorrect formula was held unwarranted where the assessee reversed the credit after detection and the record disclosed no fraud, suppression of facts, wilful misstatement or intent to evade duty. Although the credit had been wrongly availed, there was no incorrect declaration of stock quantity or description, and the Tribunal found that the statutory ingredients for penalty under Section 11AC were absent. On that basis, non-imposition of penalty was justified and the order deleting penalty was upheld. en-us Thu, 24 May 2007 00:00:00 +0530 Wed, 01 Aug 2012 10:16:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121617 Penalty for excess Cenvat credit taken on an incorrect formula was held unwarranted where the assessee reversed the credit after detection and the record disclosed no fraud, suppression of facts, wilful misstatement or intent to evade duty. Although the credit had been wrongly availed, there was no incorrect declaration of stock quantity or description, and the Tribunal found that the statutory ingredients for penalty under Section 11AC were absent. On that basis, non-imposition of penalty was justified and the order deleting penalty was upheld. Case-Laws Central Excise Thu, 24 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121617