2006 (11) TMI 481

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.... J.C. Patel, Advocate, for the Respondent. [Order]. - Heard both sides. 2. This is a case where the Respondent herein had availed 100% CENVAT credit on the capital goods in the first Financial Year instead of 50% which is contrary to the Cenvat Rules . On pointing out the same, the Respondent herein reversed the said amount immediately. There was no utilization of the amount. Subsequ....

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.... "It is trite to say that a decision is binding not because of its conclusions but in regard to its ratio and the principles laid down therein.............. Preceded without any' reason cannot be deemed to be a declaration of or authority of a general nature binding as a precedent". Except the above said ground, there is no other ground worthwhile to mention in respect of maintaining penalty....