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2011 (5) TMI 118 - CESTAT, CHENNAIInterest - Penalty - Belated reversal of CENVAT credit - The assessees are engaged in the manufacture of motor car components and parts thereo - Not pay interest on belated reversal of wrongly availed credit - The Tribunal which had decided in the case of CCE Pondicherry Vs Superfil Products that interest liability arises only on utilization of irregular credit and the Supreme Court s decision cited (2011 -TMI - 202107 - Supreme Court) holding that the interest liability arises right from the date of availment of irregular credit - Held that: the issue of payment of interest was debatable and became finally settled only with the apex court s decision cited and, therefore, assessees cannot be held liable to penalty as the circumstances do not warrant imposition of penalty.
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