https://www.taxtmi.com/caselaws?id=366096 The appellant failed to reverse Cenvat credit on rejected imported raw materials, resulting in a demand for duty, interest, and penalties. The Commissioner (Appeals) upheld penalties but allowed duty adjustment for cleared imports. The Tribunal found no intent to evade payment, considering the credit reversal as an inadvertent mistake. As a result, the penalty under Section 11AC was set aside, emphasizing the need for timely rectification of credit errors and meticulous record-keeping for tax compliance. en-us Thu, 31 May 2018 00:00:00 +0530 Thu, 30 Aug 2018 06:08:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366096 The appellant failed to reverse Cenvat credit on rejected imported raw materials, resulting in a demand for duty, interest, and penalties. The Commissioner (Appeals) upheld penalties but allowed duty adjustment for cleared imports. The Tribunal found no intent to evade payment, considering the credit reversal as an inadvertent mistake. As a result, the penalty under Section 11AC was set aside, emphasizing the need for timely rectification of credit errors and meticulous record-keeping for tax compliance. Case-Laws Central Excise Thu, 31 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366096