https://www.taxtmi.com/caselaws?id=367704 Notification No. 70/2003-C.E. (N.T.) was treated as prospective and not merely clarificatory, so the challenge to entitlement to avail balance Cenvat credit before 15 September 2003 was not entertained. On penalty, the assessee's conduct was found to be based on a bona fide belief, and no circumstances were shown to justify punitive action. The Tribunal was expected to follow the earlier comparable decision deleting penalty on similar facts. The penalty was therefore held unsustainable and was set aside in favour of the assessee. en-us Tue, 18 Sep 2018 00:00:00 +0530 Thu, 17 Jan 2019 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367704 Notification No. 70/2003-C.E. (N.T.) was treated as prospective and not merely clarificatory, so the challenge to entitlement to avail balance Cenvat credit before 15 September 2003 was not entertained. On penalty, the assessee's conduct was found to be based on a bona fide belief, and no circumstances were shown to justify punitive action. The Tribunal was expected to follow the earlier comparable decision deleting penalty on similar facts. The penalty was therefore held unsustainable and was set aside in favour of the assessee. Case-Laws Central Excise Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367704