9911796707
TMI Blog2012 (11) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... is of sales value instead of credit availed on such inputs under rule 3(5) of CCR AO impose penalty u/s 11AC Held that:- Since the assessee continuously, in every statutory monthly return declared the goods and, therefore, the limitation would run from the relevant time and notice could have been issued only within a period of 12 months, therefore, beyond the period of 12 months, no demand cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letion of the penalty of Rs. 67,42,153/-. Brief facts of the case are that the respondent M/s. Tinplate Company India Ltd. was purchasing the HR sheets in coils from M/s. TISCO and was availing the cenvat credit in respect of the duty paid on said HR sheets. The HR Sheets in Coils were used for manufacturing of finished goods namely Tin Mill Black Plates, Full Hard Cold Rolled Coils and Electrol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected to manufacture. Therefore, the demand of Rs. 67,42153/- was found justified by the CESTAT. However, so far as imposition of penalty is concerned, the CESTAT observed that the appellants were submitting statutory monthly return showing clearance of the impugned goods and, therefore, there is no merit in the contention of the Revenue that it is a case of suppression of facts with intent to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ror of fact or law in holding that the facts were in the knowledge of the Revenue and we found from the statement that the assessee specifically mentioned the name of the article as Pickled Oiled HR Coils in the monthly returns. Therefore, the Tribunal was right in holding that the penalty could not have been imposed. Since the assessee continuously, in every statutory monthly return declare ..... X X X X Extracts X X X X X X X X Extracts X X X X
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