2011 (2) TMI 30 - AT - Central Excise

Cenvat credit excess credit taken on capital goods by the assessees - They reversed the excess credit - inadmissible credit although taken was not utilized, the assessee was not liable to pay interest - demand of interest, set aside - penalty set aside

Summary

The Appellate Tribunal CESTAT, Chennai ruled in favor of the assessees regarding excess MODVAT credit taken on capital goods. The tribunal set aside the demand for interest and penalty based on a precedent from the Punjab & Haryana High Court. The appeal was allowed.