https://www.taxtmi.com/caselaws?id=343781 Penalty under Section 78 of the Finance Act, 1994 could not be sustained where wrongly availed CENVAT credit was reversed with interest before the show-cause notice and the record showed no fraud, suppression, collusion, wilful misstatement, or intent to evade tax. In the absence of material establishing culpable conduct, the legal basis for penal action failed, and the remand for quantification of penalty was not supported. The assessee therefore obtained relief, with the penalty determination set aside. en-us Thu, 02 Feb 2017 00:00:00 +0530 Thu, 01 Jun 2017 07:25:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343781 Penalty under Section 78 of the Finance Act, 1994 could not be sustained where wrongly availed CENVAT credit was reversed with interest before the show-cause notice and the record showed no fraud, suppression, collusion, wilful misstatement, or intent to evade tax. In the absence of material establishing culpable conduct, the legal basis for penal action failed, and the remand for quantification of penalty was not supported. The assessee therefore obtained relief, with the penalty determination set aside. Case-Laws Service Tax Thu, 02 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343781