https://www.taxtmi.com/caselaws?id=35307 The Appellate Tribunal CESTAT, Mumbai partially allowed the appeal by dropping the demand for duty and interest against the appellant, a manufacturer of edible oils, who mistakenly availed credit on inputs services for exempted products without maintaining separate accounts. Despite the appellant voluntarily reversing the credit promptly, the tribunal imposed a penalty of Rs.10,000/- while acknowledging the error in availing the credit at the wrong time. The decision aligned with judgments emphasizing the importance of reversing credit voluntarily but also recognized the need for penalty imposition for the error. en-us Fri, 10 Jul 2009 00:00:00 +0530 Wed, 08 Dec 2010 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35307 The Appellate Tribunal CESTAT, Mumbai partially allowed the appeal by dropping the demand for duty and interest against the appellant, a manufacturer of edible oils, who mistakenly availed credit on inputs services for exempted products without maintaining separate accounts. Despite the appellant voluntarily reversing the credit promptly, the tribunal imposed a penalty of Rs.10,000/- while acknowledging the error in availing the credit at the wrong time. The decision aligned with judgments emphasizing the importance of reversing credit voluntarily but also recognized the need for penalty imposition for the error. Case-Laws Service Tax Fri, 10 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35307