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2010 (8) TMI 321 - HC - Central ExciseInterest and Penalty – cenvat credit – Held that: - It is true that Rules 57-I(4) and 57-I(5) of the Central Excise Rules, 1944, which were brought into force with effect from 23-7-1996, would not have any retrospective effect. However, the said Rules would be prospectively applicable to the case of the assessee. This Court in the case of Commissioner of Central Excise and Customs, Raigad v. Fibre Foils Ltd. [2009 -TMI - 35270 - BOMBAY HIGH COURT] has held that penalty under Rule 57-I(4) is mandatory. In these circumstances, the Tribunal was not justified in deleting the imposition of penalty and interest merely on the ground that the said Rules came into force with effect from 23-7-1996.
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