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TMI Blog2016 (8) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act and credit under cenvat scheme during the Assessment year 2007-08 & 2008-09 - filed revised return for the assessment years 2007-08, 2008-09, 2009-10 and 2010-11 on 23.3.2011 on the ground of irregularity found - Held that:- as the appellant duly filed the revised IT return foregoing the benefit of depreciation already availed, and the allowance of credit not being denied by the lower auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... team detected irregularity and the appellant filed revised return for the assessment years 2007-08, 2008-09, 2009-10 and 2010-11 on 23.3.2011. The adjudicating authority confirmed the demand and ordered for recovery of interest for the period from the date of availing of credit upto the date of filing of the revised return. Penalty under Rule 15 (2) of CCR 204 read with Section 11AC of the Central ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (224) ELT 391 (Bom.) (4) CCE Coimbatore Vs Ennar Spinning Mills 2009 (246) ELT 263 (Tri.-Chennai) 4. Ld. A.R. had referred to Section 4(4) of Cenvat Credit Rules, 2004. He submits that appellants have availed cenvat credit and simultaneously claimed the benefit of depreciation and this admittedly is in violation of Rule 4 (4). It was only during the audit that the above ir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted out by the department, the returns were immediately revised after foregoing the depreciation availed by them. He further submits that the original authority being fully satisfied with entire facts and details, had allowed the credit of ₹ 1,24,302/- to them which was not justified in reckoning with the date of filing of the revised IT returns i.e. 23.3.2011. 6. I have carefully gone t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er authorities, this, in the facts and circumstances of the case, is a sufficient ground for setting aside the penalty. 7. With regard to the aspect of interest, the same is payable as payment of interest is automatic and there is no reason not to levy interest as the Revenue would suffer a loss when interest is not paid. Accordingly, penalty is set aside and the levy of interest is upheld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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