2017 (7) TMI 241

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..... ed - Held that: - if before utilization, the entry has been reversed it amounts to not taking credit - reliance placed in the case of Steelco Gujarat Ltd. v/s. Union of India [2012 (8) TMI 175 - BOMBAY HIGH COURT] wherein the Court observed that if the credit taken on inputs used in the manufacture of the goods cleared under N/N. 14/2002 C.E. or N/N. 30/2004 C.E. is reversed before utilization, it .....

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..... ts that, in view of that the Assessee is liable for penalty under Section 11AC of the Act. The learned counsel relies on the judgment of Apex Court in a case of Union of India V/s. Rajasthan Spinning and Weaving Mills, reported in 2009 (238) E.L.T. 3. 3] The learned counsel for the Assessee states that on realizing the mistake and before utilizing the said credit, the entry was reversed. No benef .....

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..... e order that the Assessee had never utilized the said amount. The Apex Court in a case of Union of India V/s. Rajasthan Spinning and Weaving Mills (supra) has held that penalty under Section 11AC is a punishment for an act of deliberate deception by the Assessee with intent to evade duty by adopting any of the means mentioned in the section. In the said case, the show cause notice was issued for p .....

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