TaxTMI 
TaxTMI 
2011 (11) TMI 339
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.... PER: ARCHANA WADHWA The challenge in the present appeal is to penalty of Rs.1,72,958/- imposed under the provision of Rule 13 (2) of Central Excise Rules, 2002 read with Section 11AC of the Act. 2. After hearing both sides duly represented by Shri P.K.Mittal, learned Advocate and Shri B.L.Soni, learned SDR, I find that the appellants are engaged in the manufacture of felt falling under chapter....
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.... the authorities below. 4. It is the contention of the learned Advocate that the cenvat credit so availed by them stands reversed on their own. As such, it was bonafide mistake on their part to avail cenvat credit, in which case, penal provisions should not be invoked against them. He accordingly prays for setting aside the penalty. 5. Learned SDR submits that the appellants have realized their....
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....the assessee has himself realized that the credit of CVD paid on imported goods was not available to them and have accordingly reversed the credit, they cannot be held guilty of any malafide. It is seen that first instalment of 50% was availed by the appellants in April, 2002 itself. The returns showing that such availment of credit were duly filed by them, subsequently, in respect of second insta....