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Facts:
The Appellant took 100% credit on capital goods used in manufacture. CENVAT Credit was denied to the extent of 50% and interest and penalty was also imposed.
Held:
Although, CENVAT Credit entitled was 50% in the first year instead of 100%, however the remaining credit of 50% is available in the subsequent year therefore at the most interest for the intervening period can be demanded and demand for duty and penalty was set aside.
