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TMI Blog2018 (8) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... e Karnataka High Court in the case of Commissioner of Central Excise & Service Tax, LTU, Bangalore vs. Bill Forge Pvt. Ltd. [2011 (4) TMI 969 - KARNATAKA HIGH COURT] has held that in such a scenario, no interest liability would arise against the assessee where the wrongfully taken credit stand reversed without utilization. Penalty - Held that:- There could be a bona fide belief on the part of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .) AR for the Revenue, we find that the appellant availed Cenvat Credit in respect of certain capital goods. Such availment was in accordance with law and there is no dispute about the same. However, subsequently they found the said capital goods to be defective and accordingly, written off the same in their books of accounts. 2. On audit of the books of accounts, a view was entertained by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence the present appeal. 4. Learned advocate appearing for the appellant though submits that the proceedings for appropriation of the debited amount were initiated after a period of one year from the relevant date as such one barred by limitation but submits that the appellant have already reversed the credit he is not contesting the confirmation of the same. The only contest in the present app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit in respect of written off goods . Prior to the said amendment in law, there were many decisions laying down that there was no such requirements to debit the already availed credit. As the period is around the period of amendment, we are of the view that there could be a bona fide belief on the part of the assessee not to reverse the credit. Otherwise also we find that the said credit avail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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