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TMI Blog2016 (8) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... is no revenue loss and the availment of 100% credit in the same year of purchase is only a procedural lapse. The appellant has already paid the interest and penalty which in my opinion would suffice as compensation for the procedural lapse committed by them. In the present case there is no finding that appellant resorted to any contumacious conduct of reversal of irregular credit, on pointing out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondents are manufacturers of MS Bars MS Ingots and are registered with Central Excise Department. They are availing facility of CENVAT Credit on inputs and capital goods. During the verification of records it was found that respondents had irregularly availed 100% CENVAT Credit in the same year on capital goods viz: Ingot moulds, Forged Rolls Metal Rolls for the period 2005-06, 2006-07 2007- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e present appeal. 3. On behalf of the assessee/appellant, the learned counsel Shri Mohammed Rahim, submitted that appellant has remitted a sum of ₹ 1,51,684/- towards interest and ₹ 2,000/- as penalty as confirmed by the original authority. Appellant is not contesting the interest or penalty imposed and is contesting demand of credit availed only. He submitted that the appellant is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmissions. Undeniably, the appellant is eligible to avail 50% credit in the subsequent year. In such case, there is no revenue loss and the availment of 100% credit in the same year of purchase is only a procedural lapse. The appellant has already paid the interest and penalty which in my opinion would suffice as compensation for the procedural lapse committed by them. In Indian Oil Corporation Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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