https://www.taxtmi.com/caselaws?id=384910 The Appellate Tribunal CESTAT HYDERABAD set aside the penalty imposed on the appellant assessee for availing CENVAT Credit and claiming depreciation on central excise duty. The tribunal found that the appellant had rectified the irregularity by revising income tax returns to write back the depreciation, rendering the penalty unwarranted as there was no confirmed irregular availment of credit. The tribunal held that since the demand and interest had already been dropped, the penalty imposition was not justified under Rule 15(2) of CENVAT Credit Rules 2004. The appeal was allowed, overturning the penalty. en-us Tue, 05 Mar 2019 00:00:00 +0530 Tue, 27 Aug 2019 07:41:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384910 The Appellate Tribunal CESTAT HYDERABAD set aside the penalty imposed on the appellant assessee for availing CENVAT Credit and claiming depreciation on central excise duty. The tribunal found that the appellant had rectified the irregularity by revising income tax returns to write back the depreciation, rendering the penalty unwarranted as there was no confirmed irregular availment of credit. The tribunal held that since the demand and interest had already been dropped, the penalty imposition was not justified under Rule 15(2) of CENVAT Credit Rules 2004. The appeal was allowed, overturning the penalty. Case-Laws Central Excise Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384910