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TMI Blog2024 (12) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... ount is required to be reversed in terms of Rule 3(5A) of Cenvat Credit Rules, 2004 and net-off these amount, they are taking Cenvat credit and showing in their ST-3 returns. Apart from that, no discrepancy was found with the appellant in the records. In that circumstances, it cannot be termed that appellant has not reversed Cenvat credit in terms of Rule 3(5A) at the time of filing the ST-3 returns. Therefore, as appellant has not taken access Cenvat credit by reversing Cenvat credit under Rule 3(5A) of Cenvat Credit Rules, 2004, no interest is payable by the appellant. Penalty under Section 77(2) of the Act - HELD THAT:- It is found that as the method adopted by the appellant for availment of Cenvat credit was known to the department and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) of the Cenvat Credit Rules, 2004. In fact appellant has not taken full credit on inputs/input services availed and no reversal was shown separately under Rule 3(5A) of the Cenvat Credit Rules, 2004 while removing the capital goods which became scrap/waste. The appellant was following the said method during the impugned period. Upon reconciliation of the records of the appellant, the said method of payment under Rule 3(5A) of Cenvat Credit Rules, 2004 was rectified by revising the ST-3 returns filed for the period October 2012 to March 2013 on 13.11.2013 showing the amount reversed in terms of Rule 3(5A) during the period April 2012 to September 2012, separately. For the period October 2012 to March 2013, the appellant was availing full c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r rectified by the appellant by revising their ST-3 returns, cannot be termed as appellant has not filed returns properly and monthly reversal was not shown. Therefore, penalty is also not imposable. 5. On the other hand, learned Authorized Representative supported the impugned order and submitted that as they have shown reversal on Cenvat credit through their revised returns, in that circumstances, interest is payable for the intervening period and as they have not filed correct details in their ST-3 returns in time, therefore penalty was rightly imposed. 6. Heard the parties, considered the submissions and perused the records. 7. We find that in this case the short issue is that whether in the facts and circumstances of the case, the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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