2010 (10) TMI 130

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....ervice entitles the appellant to avail Cenvat Credit of Central Excise duty paid on Maruti Van. With such belief, even if the vehicle was purchased from the dealer, the appellants set off the duty element of Rs. 71,026/- as Cenvat credit against service tax paid by them. But, when the appellants came to understand that the invoice issued by Maruti dealer not exhibiting central excise duty element paid deprives the appellants from set off of Rs. 71,026/- against their service tax liability, the appellants discharged such liability in terms of a challan, copy of which is produced today for perusal of Revenue. Having bona fide belief as stated the Appellant acted accordingly. The appellant also cleaned its hands depositing the interest element....

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....r Rule 15(4) of Cenvat Credit Rules, 2004. Learned Commissioner (Appeals) waived the penalty under Rule 15(4) of Cenvat Credit Rules, 2004 coming to the conclusion that there was no penal provision under that rule at the material time. It appears that Rule 15(4) of Cenvat Credit Rules, 2004 having made provision for imposition of penalty under Section 78 of Finance Act, 1994, Legislature did not prescribe further penalty under Rule 15(4) of Cenvat Credit Rules, 2004. In the present case no penalty is imposed under Section 78 of the Finance Act, 1994. Therefore, no further exercise is called for in respect of Rule 15(4) of Cenvat Credit Rules, 2004 or Section 78 of Finance Act, 1994. 6. So far as penalty under Section 76 of the Finan....