Penalty cannot be imposed for admitted tax liability if merits of case are in favour of Assessee

CESTAT, AHMEDABAD BENCH Atul Ltd. versus Commissioner of Central Excise, Surat ORDER NOS. A/1378/WZB/AHD. OF 2012 & S/1962/WZB/AHD. OF 2012 APPLICATION NO. E/S/834 OF 2012† APPEAL NO. E/546 OF 2012 SEPTEMBER 7, 2012 ORDER 1. This Stay Petition is filed for waiver of pre-deposit of an amount of CENVAT Credit sought to be reversed by the Revenue along with interest and equal amount of penalty imposed. 2. After hearing both sides for some time, I find that the appellant has already reversed the CENVAT Credit as it was pointed out by the audit party and has filed Stay Petiti...