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TMI Blog2007 (10) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... them. These credits were taken on 29-11-2001, 8-1-2002 and 15-2-2002 in respect of three bills of entry, amounting to Rs. 38,06,068/-. They wrongly took Cenvat credit of the same amount once again on 31-3-2002. Subsequently, they realised their mistake and reversed a major part of the above credit on 9-4-02 and the balance credit on 12-4- 02. They also paid Rs. 25,496/- in cash on 12-4-02 towards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en reversed by them after realizing their mistake and that interest was also paid by them. The show-cause notice dated 17-2-03 was issued by the department upon verification of records and returns filed by the party for the month of March, 2002. In other words, the returns filed by the party and other records furnished by them disclosed to the department that they had wrongly taken Cenvat credit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty on the said inputs or capital goods has been paid as indicated in the document accompanying the inputs or capital goods specified in rule 7, or contravenes any of the provisions of these rules in respect of any inputs or capital goods, then, all such goods shall be liable to confiscation and such person, shall be liable to a penalty not exceeding the duty on the excisable goods in respect of w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T-MAD], wherein a penalty imposed on the assessees under Rule 15 of the Cenvat Credit Rules, 2002/2004 (equivalent to Rs. 173Q of the erstwhile Central Excise Rules, 1944) was set aside, in view of the Hon'ble Madras High Court's ruling in Commissioner of Central Excise, Madurai v. JKON Engineering Pvt. Ltd. [2005 (67) RLT 157]. In the cited case of SRF and Ors. (supra), certain Cenvat credits irr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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