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TMI Blog2017 (3) TMI 1213X X X X Extracts X X X X X X X X Extracts X X X X ..... vat credit of such duty paid on the capital goods. Since the appellant has reversed the cenvat credit before issuance of SCN and also paid interest attributable to such late reversal of cenvat credit, the penalty cannot be imposed on the appellant, in view of the fact that there was no element of suppression, fraud, collusion etc, with intent to avail wrong cenvat credit - penalty set aside - appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he final product i.e. power cables. In terms of the letter of invalidation issued by the DGFT, New Delhi, the appellant was entitled to procure Plant and Machinery without payment of Central Excise Duty. However, while procuring the impugned capital goods, the appellant had paid the Central Excise duty claimed by the suppliers on the invoices and availed cenvat credit of such duty paid on procurem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was appropriated in the government account. Further, penalty of ₹ 1,35,45,628/- was imposed on the appellant under Rule 15(2) ibid read with Section 11AC ibid. 3. The Ld. Counsel appearing for the appellant submits that the appellant is not pressing for the cenvat credit and interest there on appropriated in the adjudication order. The grievance of the appellant against the impugned or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted fact on record that in terms of conditions contained in the EPCG license, the appellant was entitled for the benefit of Terminal Excise Duty and there was no requirement of payment of Central Excise Duty on procurement of capital goods on the basis of invalidation letters issued by the DGFT. However, the appellant had purchased the goods on payment of Central Excise Duty and availed cenvat c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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