Penalty not leviable if incorrect claim admitted by assessee on pointing out the same by the audit and the mistake was bonafide

 Brief Facts of the case: Appellant(Assessee) imported three machines and cleared EPCG license at concessional rate of 5% where CVD is exempted and the appellant availed credit of Rs.48,52,516/- as per the assessment of the Bill of Entry. Adjudicating authority in his order confirmed the demand and also appropriated the interest amount and imposed equivalent penalty under Section 11AC treating the case to be of suppression of the facts with intent to avoid the payment of duty. On appeal to CCE(A) , the penalty was upheld , therefore, the assessee preferred an appeal before the CESTAT Chennai....