Penalty on Re-credit of CENVAT for Furnace Oil in Wood Pulp Production Without Malafide Intent, Supported by Precedents.

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Full Text of the Document

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....Levy of penalty - re-credit of CENVAT Credit - Furnace Oil used as “fuel” in the manufacture of both dutiable and exempt goods (Wood Pulp) - re-taking of the credit by the appellant on furnace oil used as input was not with any malafide intention but was consistent with the prevalent judicial precedent in favour of the assessee.....