https://www.taxtmi.com/caselaws?id=245343 Penalty under Rule 13(2) of the Cenvat Credit Rules, 2002 read with section 11AC of the Central Excise Act was held unsustainable where the disputed credit was fully disclosed in statutory records and ER-1 returns. The dispute concerned a bona fide interpretation of the Modvat/Cenvat scheme, with no suppression, misstatement, or mala fide intent established. The earlier final appellate view for the preceding period, which had also set aside penalty on the same reasoning, supported the same result. In these circumstances, openly availed credit and a genuine interpretational controversy negatived the basis for penal action. en-us Mon, 27 Feb 2012 00:00:00 +0530 Thu, 27 Mar 2014 06:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245343 Penalty under Rule 13(2) of the Cenvat Credit Rules, 2002 read with section 11AC of the Central Excise Act was held unsustainable where the disputed credit was fully disclosed in statutory records and ER-1 returns. The dispute concerned a bona fide interpretation of the Modvat/Cenvat scheme, with no suppression, misstatement, or mala fide intent established. The earlier final appellate view for the preceding period, which had also set aside penalty on the same reasoning, supported the same result. In these circumstances, openly availed credit and a genuine interpretational controversy negatived the basis for penal action. Case-Laws Central Excise Mon, 27 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245343