https://www.taxtmi.com/caselaws?id=360947 Penalty for excess CENVAT credit taken on the basis of an ISD invoice was held not imposable where the recipient unit reversed the credit with interest after the error was pointed out. The excess arose from incorrect distribution of common input service credit by the Input Service Distributor, and the recipient was not expected to independently verify the turnover-based allocation of all units. In the absence of fraud, collusion, wilful misstatement, suppression of facts, or intent to evade duty, penalty under Rule 15(2) read with Section 11AC could not be sustained. en-us Thu, 17 May 2018 00:00:00 +0530 Sat, 26 May 2018 07:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360947 Penalty for excess CENVAT credit taken on the basis of an ISD invoice was held not imposable where the recipient unit reversed the credit with interest after the error was pointed out. The excess arose from incorrect distribution of common input service credit by the Input Service Distributor, and the recipient was not expected to independently verify the turnover-based allocation of all units. In the absence of fraud, collusion, wilful misstatement, suppression of facts, or intent to evade duty, penalty under Rule 15(2) read with Section 11AC could not be sustained. Case-Laws Central Excise Thu, 17 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360947