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2018 (8) TMI 1335 - CESTAT MUMBAIPenalty u/r 15(2) of the CCR read with Section 11AC of the CEA - Held that:- Section 11AC of the Central Excise Act, 1944 will not have any application, in case of reversal of excess availed CENVAT credit, in terms of Rule 6(3)(b) of the CENVAT Credit Rules - the impugned order stands, so far as it dropped the penalty imposed on the respondent. Demand of interest for delayed reversal of CENVAT credit - Held that:- Hon'ble Supreme Court in the case of Union of India Vs. Ind-Swift Laboratories Ltd. [2011 (2) TMI 6 - SUPREME COURT] have ruled that under the amendment provisions of Rule 14 of the CENVAT Credit Rules, 2004, the respondent-assessee is liable to pay interest, even when it had sufficient balance in the books of accounts - demand of interest upheld. Appeal allowed in part.
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