Penalty Imposed u/s 11AC for Irregular Modvat Credit Despite Pre-Notice Reversal; Good Faith Defense Invalid.

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....Penalty u/s 11AC – Reversal of credit before issuance of SCN - he Modvat credit irregularly availed was reversed prior to the show cause notice, does not afford a good defence of good faith and could not be sustained in law - penalty to be levied - HC....