2007 (3) TMI 124 - AT - Central Excise

Waiver of penalty - Assessee wrongly availed Cenvat credit simultaneously he admitted his wrongly doing - Keeping in mind the co- operation extended by assessee - penalty waived

Summary

The Appellate Tribunal CESTAT, Kolkata modified the first Appellate Order, waiving the penalty imposed on the appellant for using Cenvat Credit to discharge duty liability. The appellant admitted to the breach of law but cooperated and paid interest. The penalty was waived, and steps were directed to recover any shortfall in duty payment. The appeal was partly allowed.