https://www.taxtmi.com/caselaws?id=355104 The Tribunal set aside the penalty imposed on the appellant for availing irregular credit on returned goods, noting that there was no fraudulent intent or suppression of facts as the credit availed was transparently recorded. Despite the appellant voluntarily reversing the ineligible credit with interest before the notice, the Revenue pursued penalty proceedings. The Tribunal held that the case could have been closed without further action, emphasizing that the absence of conditions under the proviso to Section 11A(1) warranted setting aside the penalty, allowing the appeal only to that limited extent. en-us Tue, 16 May 2017 00:00:00 +0530 Sat, 10 Feb 2018 07:29:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355104 The Tribunal set aside the penalty imposed on the appellant for availing irregular credit on returned goods, noting that there was no fraudulent intent or suppression of facts as the credit availed was transparently recorded. Despite the appellant voluntarily reversing the ineligible credit with interest before the notice, the Revenue pursued penalty proceedings. The Tribunal held that the case could have been closed without further action, emphasizing that the absence of conditions under the proviso to Section 11A(1) warranted setting aside the penalty, allowing the appeal only to that limited extent. Case-Laws Central Excise Tue, 16 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355104