https://www.taxtmi.com/caselaws?id=219916 Penalties under section 76 of the Finance Act, 1994 and rule 15(3) of the CENVAT Credit Rules, 2004 were treated as sustainable where service tax had been short-paid and credit had been utilised beyond the available balance. Payment of the shortfall after the notice and reversal of irregular credit before adjudication did not wipe out the default. The facts were taken to indicate deliberate delay and irregular credit utilisation, so the penalty provisions were applied and the challenge to penalties failed. en-us Fri, 31 Aug 2012 00:00:00 +0530 Wed, 26 Dec 2012 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219916 Penalties under section 76 of the Finance Act, 1994 and rule 15(3) of the CENVAT Credit Rules, 2004 were treated as sustainable where service tax had been short-paid and credit had been utilised beyond the available balance. Payment of the shortfall after the notice and reversal of irregular credit before adjudication did not wipe out the default. The facts were taken to indicate deliberate delay and irregular credit utilisation, so the penalty provisions were applied and the challenge to penalties failed. Case-Laws Service Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219916