https://www.taxtmi.com/caselaws?id=246579 The Tribunal upheld the confirmation of the demand for the wrongly availed cenvat credit with interest but set aside the penalty imposed on the appellant. The judgment emphasized that when an assessee promptly rectifies an error upon discovery without waiting for formal proceedings, penalty imposition may not be justified, even in cases of incorrect availing of cenvat credit. The decision underscored the significance of voluntary rectification and the absence of suppression or misstatement in such circumstances. en-us Fri, 31 Aug 2012 00:00:00 +0530 Sun, 20 Apr 2014 16:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246579 The Tribunal upheld the confirmation of the demand for the wrongly availed cenvat credit with interest but set aside the penalty imposed on the appellant. The judgment emphasized that when an assessee promptly rectifies an error upon discovery without waiting for formal proceedings, penalty imposition may not be justified, even in cases of incorrect availing of cenvat credit. The decision underscored the significance of voluntary rectification and the absence of suppression or misstatement in such circumstances. Case-Laws Central Excise Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246579