CENVAT Credit Issue Resolved: Reversal of Credits Pre-Notice Avoids Penalty for Manufacturer of Dutiable and Exempt Goods.

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....CENVAT Credit - manufacture of dutiable as well as exempt goods - since before the issue of the show cause notice itself the appellants have reversed back the proportionate Cenvat credits and we do not find any malafide intention on the part of the appellant for intentional attempt to evade or mis-use Cenvat credit, no penalty.....