No penalty for unintentional Availment of Irregular CENVAT Credit

Commissioner of Central Excise & Service Tax Vs Kohinoor Steel Private Limited (CESTAT Kolkata) It is observed that the assessee has rightly availed the 50% of the capital goods Credit in the first year of its receipt and the remaining 50% of the credit in the subsequent year. The excess credit availed for the second time has been reversed along with interest by the assessee themselves before issue of the Show Cause Notice. The Ld. Adjudicating authority has rightly observed that there is no intention to avail the irregular credit in this case and hence dropped the proposed penalty under R...