Imposition of Penalty under CENVAT Credit Rule will not sustain in the absence of Suppression of Fact: CESTAT

In a significant ruling, the Delhi bench of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has held that imposition of penalty under the CENVAT Credit rule will not sustainable in the absence of suppression of fact. The appellants engaged in the manufacture of Sponge Iron, Ingot, Billet, Silico Manganese etc for which the…

Source  Taxscan