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Penalties u/s 11AC and Rule 15 not applicable for Cenvat credit reversal before Show Cause Notice.
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....Imposition of penalty - reversal of cenvat credit towards exempted goods after audit objection but before issuance of Show Cause Notice (SCN) - penalty u/s 11AC and Rule 15 of the Cenvat Credit Rules 2004 is not imposable - AT....
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