TMI Blog2014 (4) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... nted out there was reversal of the said credit in the account of the appellant. Adjudication order does not disclose whether the credit recorded in the books were at any time availed. In absence of any finding in that aspect there shall be neither interest nor penalty chargeable. There is no dispute by the appellant that it had wrongly availed such credit. But there was a reversal done after la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... June, 2010. Accordingly, the matter is taken up for disposal on its own merit. 2. The appeal is on very narrow compass. First dispute is whether the appellant was entitled to take cenvat credit in respect of capital goods which was subjected to depreciation (reference page 2 of the adjudication order). The answer should be negative and against the appellant for the specific provision contained u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no dispute by the appellant that it had wrongly availed such credit. But there was a reversal done after lapse of more than one year. Such huge period calls for payment of interest to Revenue because in the meantime the appellant must have availed the benefit of credit recorded in the gooks. Accordingly, interest shall be payable on this amount but no penalty be chargeable. 4. In the result, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
