https://www.taxtmi.com/caselaws?id=249574 The Tribunal set aside the confirmed duty demand but upheld interest and imposed a penalty of Rs. 25,000 for availing 100% CENVAT credit on capital goods over three financial years instead of the required 50% in the first year and 50% in the subsequent year. The penalty was imposed under Rule 15(1) of the CENVAT Credit Rules, 2004, considering the contravention of rules without actual gain to the appellant. The confirmation of interest was set aside as the credit, although availed prematurely, was utilized after the due date, following a precedent set by the High Court of Karnataka. en-us Mon, 20 Jan 2014 00:00:00 +0530 Fri, 16 Jan 2015 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249574 The Tribunal set aside the confirmed duty demand but upheld interest and imposed a penalty of Rs. 25,000 for availing 100% CENVAT credit on capital goods over three financial years instead of the required 50% in the first year and 50% in the subsequent year. The penalty was imposed under Rule 15(1) of the CENVAT Credit Rules, 2004, considering the contravention of rules without actual gain to the appellant. The confirmation of interest was set aside as the credit, although availed prematurely, was utilized after the due date, following a precedent set by the High Court of Karnataka. Case-Laws Central Excise Mon, 20 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249574