TMI Blog2018 (8) TMI 1335X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condonation of delay of 6 days. It has been contended by respondent that it had sufficient balance in its CENVAT account during the disputed period and thus, interest demand for delayed reversal of CENVAT credit cannot be sustained in terms of Rule 14 of the CENVAT Credit Rules, 2004. 3. Since delay in filing the cross appeal is very negligible and the reason explained seems reasonable, I am co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruled by the Hon'ble Apex Court, the ratio of the said judgment has the binding effect on the Tribunal and thus, I cannot take a contrary stand to decide the issue differently regarding imposition of penalty. Therefore, the impugned order stands, so far as it dropped the penalty imposed on the respondent. 5. In so far as demand of interest for delayed reversal of CENVAT credit, I find that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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