2012 (3) TMI 361

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..... appellant did not reach to the commitment stage although conception and preparation for taking credit is visible from the credit entry in the statutory record. In absence of attempt and commitment penalty is not exigible - Decided in favour of assessee. - E/1470/2011-SM(BR) - 244/2012-SM(BR)(PB) - Dated:- 16-3-2012 - Shri D.N. Panda, J. Shri S.P. Ojha, Consultant, for the Appellant. Shr .....

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..... f India v. Ind-Swift Laboratories Ltd. reported in 2011 (265) E.L.T. 3 (S.C.) = 2012 (25) S.T.R. 184 (S.C.). 3. Heard both sides and perused record. 4. Since the dispute is only on the point of levy of penalty, appeal itself is disposed as consented by Revenue and the appellant, waiving requirement of pre-deposit. It is an established fact from the compilation filed by Shri Ojha that credit al .....

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..... time of filing of return, the appellant misled the Department. There was no utilisation of the credit. The decision relied upon by Shri Ojha in Bombay Dyeing Case (supra) comes to his rescue since the point of time for utilisation did not arise till reversal. The decision relied upon by Revenue in Ind-Swift Laboratories Ltd. (supra) is clearly in the context of Section 11AB of the Central Excise .....

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