https://www.taxtmi.com/caselaws?id=379427 The Tribunal upheld the decision of the First Appellate Authority to set aside the penalty imposed under Section 78 of the Finance Act on the appellant for availing ineligible CENVAT credit. It was determined that the appellant's immediate corrective actions and cooperation upon audit findings did not demonstrate an intention to evade tax, as there was no evidence of fraud, collusion, or wilful misstatement. The Tribunal rejected the Revenue's appeal, emphasizing that the appellant's actions did not warrant penalty imposition. en-us Mon, 22 Apr 2019 00:00:00 +0530 Thu, 02 May 2019 17:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379427 The Tribunal upheld the decision of the First Appellate Authority to set aside the penalty imposed under Section 78 of the Finance Act on the appellant for availing ineligible CENVAT credit. It was determined that the appellant's immediate corrective actions and cooperation upon audit findings did not demonstrate an intention to evade tax, as there was no evidence of fraud, collusion, or wilful misstatement. The Tribunal rejected the Revenue's appeal, emphasizing that the appellant's actions did not warrant penalty imposition. Case-Laws Service Tax Mon, 22 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379427