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CENVAT Credit Reversal: Court Rules Increased Penalty Unjustifiable After Prompt Compliance by Appellant.

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....Enhancement of penalty -It is borne on record that the CENVAT credit of CVD taken by the appellant was reversed by them soon after the changed circumstances were noted by them. The enhancement of penalty by the lower appellate authority is, therefore, not justifiable. - AT....

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CENVAT Credit Reversal: Court Rules Increased Penalty Unjustifiable After Prompt Compliance by Appellant.