https://www.taxtmi.com/caselaws?id=367317 The Tribunal set aside the penalty imposed on the appellant for availing credit on capital goods twice, ruling that prompt reversal of excess credit before utilization absolves liability for penalties. The appellant's corrective actions and compliance with reversing the credit were deemed sufficient, leading to the appeal being allowed with any consequential reliefs. The case emphasizes the importance of rectifying inadvertent errors promptly to avoid penalties and highlights the significance of compliance and corrective measures in mitigating potential liabilities arising from such errors. en-us Tue, 03 Jul 2018 00:00:00 +0530 Wed, 19 Sep 2018 05:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367317 The Tribunal set aside the penalty imposed on the appellant for availing credit on capital goods twice, ruling that prompt reversal of excess credit before utilization absolves liability for penalties. The appellant's corrective actions and compliance with reversing the credit were deemed sufficient, leading to the appeal being allowed with any consequential reliefs. The case emphasizes the importance of rectifying inadvertent errors promptly to avoid penalties and highlights the significance of compliance and corrective measures in mitigating potential liabilities arising from such errors. Case-Laws Central Excise Tue, 03 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367317