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TMI Blog2013 (12) TMI 749X X X X Extracts X X X X X X X X Extracts X X X X ..... chasing, or in any other manner dealing with any excisable goods which he knew or had reason to believe, are liable to confiscation. The only provision for imposing penalty for taking Cenvat credit wrongly is Rule 15 of Cenvat Credit Rules, 2004 under which the penalty can be imposed on the person who takes the Cenvat credit wrongly - Cenvat credit has been availed by M/s. Asha Telecom Pvt. Ltd., not by Shri Ashok Verma, it is M/s. Asha Telecom Pvt. Ltd., who will be liable for penalty and not the Director of the appellant-company – Thus, Penalty under Rule 26 of Central Excise Rules is not sustainable – Decided in favour of Assessee. - E/4021/2010-SM(BR) - 56197/2013(PB) - Dated:- 8-3-2013 - Shri Rakesh Kumar, J. Shri N.K. Sharma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecom Pvt. Ltd. along with interest and penalty of equal amount was imposed on them under Rule 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944. Besides this another penalty of Rs. 2 Lakh was imposed on Shri Ashok Verma for taking Cenvat credit on the basis of bogus invoices under Rule 26 of the Central Excise Rules. On being appeal filed by Shri Ashok Verma, Director before the Commissioner, the imposition of penalty on Shri Ashok Verma, Director under Rule 26(1) was upheld vide order-in-appeal dated 8-10-2010 against which this appeal has been filed. 2. Heard both the sides. 3. Shri N.K. Sharma, ld. Counsel for the appellant, pleaded that the confirmation of Cenvat credit demand against M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y concerned in transporting, removing, depositing, keeping concealing, selling or purchasing, or in any other manner dealing with any excisable goods which he knew or had reason to believe, are liable to confiscation. As such, in this rule, there is no provision for imposition of penalty for wrongly availing Cenvat credit in a fraudulent manner or permitting and availment w.e.f. 1-3-2007, sub-rule (2) has been added to the Rule 26. But this rule provides for penalty on any person who issues an excise invoice without delivery of the goods and abets in issue of such invoice or who issues any other document or abets in issue of such document, on the basis of which another assessee is likely to take some ineligible benefit. Thus, as such this r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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