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2018 (11) TMI 1379 - CESTAT KOLKATADemand of interest and penalty - the appellant had reversed the amount of cenvat credit of ₹ 1,02,678/- before issuance of the show cause notice - Held that:- Since sufficient balance was always lying in their cenvat account since the date of credit taken till the reversal of the same, the payment of interest is waived. Penalty under Rule 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944 - Held that:- The Hon’ble High Court at Allahabad in the case of Commr. Of Cus. & C.Ex., Noida vs. Supreme Industries Ltd. [2016 (11) TMI 1289 - ALLAHABAD HIGH COURT] has held that neither any penalty nor interest under Section 11AC and under Section 11AB respectively was payable by assessee when it has deposited disputed duty voluntarily before issuing of notice under Sections 11AC and 11AB. The imposition of penalty under 15(2) of the Cenvat Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944 is set aside - payment of interest is also waived - appeal allowed in part.
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