Reversal of CENVAT Credit for Non-Manufacturing Use Not Incorrect; Interest and Penalty Demand Set Aside u/r 14 CCR 2004.

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....Demand of Interest and penalty - it is hard to say that the reversal of CENVAT Credit under Rule 3(5) by the appellant of the proportionate amount of credit taken on the inputs used for purposes other than the manufacture, amounts to incorrect availment of CENVAT Credit, as conceived under Rule 14 of CCR 2004. - Demand set aside.....