Penalty for Bogus Invoices Contested u/r 15 of Cenvat Credit Rules; Penalty Deemed Illegal and Incorrect.

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....Imposition of penalty u/r 15 of Cenvat Credit Rules, 2004 - Bogus invoices- the appellant has neither taken the credit, nor utilized the credit, whereas he has only issued a Cenvatable invoice to some other company - Therefore, the Rule 15 is not applicable in the present case. - Levy of penalty under Rule 15 is illegal and incorrect - AT....