https://www.taxtmi.com/caselaws?id=215177 Penalty under Section 11AC and the corresponding Cenvat Credit Rules is not justified where Modvat/Cenvat credit availment is fully disclosed in ER-1 returns and statutory records, and the dispute concerns a genuine interpretation of the credit framework. Transparent disclosure negates suppression or misstatement with intent to evade, while the absence of mala fide intent prevents satisfaction of the statutory conditions for penalty. An earlier final appellate view for the preceding period, on the same issue, further supports non-imposition of penalty. en-us Mon, 30 Jan 2012 00:00:00 +0530 Thu, 26 Jul 2012 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215177 Penalty under Section 11AC and the corresponding Cenvat Credit Rules is not justified where Modvat/Cenvat credit availment is fully disclosed in ER-1 returns and statutory records, and the dispute concerns a genuine interpretation of the credit framework. Transparent disclosure negates suppression or misstatement with intent to evade, while the absence of mala fide intent prevents satisfaction of the statutory conditions for penalty. An earlier final appellate view for the preceding period, on the same issue, further supports non-imposition of penalty. Case-Laws Central Excise Mon, 30 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215177