2016 (8) TMI 778

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....he Respondent. ORDER Brief facts of the case are that respondents are manufacturers of MS Bars & MS Ingots and are registered with Central Excise Department. They are availing facility of CENVAT Credit on inputs and capital goods. During the verification of records it was found that respondents had irregularly availed 100% CENVAT Credit in the same year on capital goods viz: Ingot moulds, Fo....

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....wed the appeal setting aside the order of the original authority. Hence, the present appeal. 3.  On behalf of the assessee/appellant, the learned counsel Shri Mohammed Rahim, submitted that appellant has remitted a sum of Rs. 1,51,684/- towards interest and Rs. 2,000/- as penalty as confirmed by the original authority. Appellant is not contesting the interest or penalty imposed and is cont....

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....st has been rightly ordered to be recovered. 5.  I have heard the rival submissions. Undeniably, the appellant is eligible to avail 50% credit in the subsequent year. In such case, there is no revenue loss and the availment of 100% credit in the same year of purchase is only a procedural lapse. The appellant has already paid the interest and penalty which in my opinion would suffice as com....