https://www.taxtmi.com/caselaws?id=253929 Penalty under Section 11AC of the Central Excise Act was held unsustainable because the wrongly availed CENVAT credit had been reversed with interest before the show-cause notice, the first item was revenue neutral, and the remaining discrepancies were treated as mistakes or arithmetical errors. Suppression or wilful misstatement was not established, and there was no clear finding that the assessee concealed the credit in returns or records. On that basis, the allegation of suppression failed and the penalty was set aside in favour of the assessee. en-us Wed, 16 Apr 2014 00:00:00 +0530 Mon, 08 Dec 2014 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253929 Penalty under Section 11AC of the Central Excise Act was held unsustainable because the wrongly availed CENVAT credit had been reversed with interest before the show-cause notice, the first item was revenue neutral, and the remaining discrepancies were treated as mistakes or arithmetical errors. Suppression or wilful misstatement was not established, and there was no clear finding that the assessee concealed the credit in returns or records. On that basis, the allegation of suppression failed and the penalty was set aside in favour of the assessee. Case-Laws Central Excise Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253929