https://www.taxtmi.com/caselaws?id=343509 The Tribunal set aside the Commissioner's order demanding recovery of rectified excess credit and imposing penalties under Section 11AC of the Central Excise Act, 1944. The appellant rectified the error voluntarily, reversed the excess credit, paid interest, and reported it in their return, leading the Tribunal to find no grounds for penal proceedings. Interest liability was determined to apply only to the utilised credit for duty on final products, with the Tribunal emphasizing the need for verification by authorities. The appeal was allowed in favor of the appellant, highlighting the importance of rectification and compliance with statutory obligations. en-us Mon, 22 May 2017 00:00:00 +0530 Fri, 16 Jun 2017 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343509 The Tribunal set aside the Commissioner's order demanding recovery of rectified excess credit and imposing penalties under Section 11AC of the Central Excise Act, 1944. The appellant rectified the error voluntarily, reversed the excess credit, paid interest, and reported it in their return, leading the Tribunal to find no grounds for penal proceedings. Interest liability was determined to apply only to the utilised credit for duty on final products, with the Tribunal emphasizing the need for verification by authorities. The appeal was allowed in favor of the appellant, highlighting the importance of rectification and compliance with statutory obligations. Case-Laws Central Excise Mon, 22 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343509