https://www.taxtmi.com/caselaws?id=245342 Wrongful Cenvat credit taken as an opening balance was held inadmissible where the assessee had not maintained separate accounts for inputs used in dutiable and exempted goods and failed to prove that the inputs were confined to exported goods without rebate or drawback. The record also showed availing of drawback, and Cenvat credit could not be retained on the same excise component. On penalty, Rule 15 permits a penalty up to the amount wrongly taken but does not require the full credit amount in every case. Applying proportionality, the penalty was reduced to Rs. 90,000. en-us Fri, 24 Feb 2012 00:00:00 +0530 Thu, 27 Mar 2014 06:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245342 Wrongful Cenvat credit taken as an opening balance was held inadmissible where the assessee had not maintained separate accounts for inputs used in dutiable and exempted goods and failed to prove that the inputs were confined to exported goods without rebate or drawback. The record also showed availing of drawback, and Cenvat credit could not be retained on the same excise component. On penalty, Rule 15 permits a penalty up to the amount wrongly taken but does not require the full credit amount in every case. Applying proportionality, the penalty was reduced to Rs. 90,000. Case-Laws Central Excise Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245342