9911796707
TMI Blog2012 (10) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... eld and appeal of the appellant is rejected on merit. Penalty - Held that:- appellant had a CENVAT Credit of more than Rs.Two Crores from the time the audit party pointed out the in-eligible CENVAT Credit of Rs.4,49,426/-. If that be so, visiting the appellant with the penalty under the provisions of Rule 15(2) of CENVAT Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944, see ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, after allowing the Stay Petition for waiver of pre-deposit of amount of penalty involved, I take up the appeal for disposal. 3. Ld.Counsel would bring to my notice that the issue involved in this case is regarding in-eligible CENVAT Credit. It is his submission that the appellant, during the material period, availed the CENVAT Credit on the strength of photo-copies of the invoices, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tutory books, during the relevant period. 4. Ld. D.R. would reiterate the findings of the lower authorities. On being directed by the Tribunal to look into the submissions made by the appellant regarding non-utilisation of CENVAT Credit and there was always a balance of Rs.2 crores and above, on perusal of the records, he confirms that the appellant had enough credit during the relevant period. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ze the amount as he has enough balance in CENVAT account. Considering this factual position, I find that both the lower authorities were in error in imposing the equivalent amount of penalty. Accordingly, I find that the penalty imposed on the appellant is unwarranted and needs to be set aside and I do so. 7. The penalty imposed by the adjudicating authority under the provisions of Rule 15(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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