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2013 (12) TMI 698 - CESTAT MUMBAIEffect of Amendment in Notification No.48/2000 – Cenvat credit availed on inputs – Payment of duty on finished products as per Rule 57AB of cenvat credit rules 1944 - Held that:- On the date of payment of duty i.e. on 19.8.2000 the position in law was that the appellant could have utilized credit earned upto 15.8.2000 for the payment of duty for the first fortnight of August, 2000 - the adjudicating authority is correct in concluding that the appellant was not eligible for the credit earned on16th & 17 th August, 2000 for payment of duty for the first fortnight of the month - this amounts to advance utilization of credit – thus, the appellant shall be liable to pay only interest on the credit utilized the credit earned on 16 th & 17 August, 2000 for payment of duty w.e.f. from 1.9.2000 onwards. The appellant has utilized the credit on 19.8.2000, the appellant is liable to pay interest on the wrong utilization for the period from 19.8.2000 to 31.8.2000 - the rule provides for payment of interest @ 24% - the confirmation of interest for the period 19.8.2000 to 31.8.2000 is sustainable in law – it is related to interpretation of law, no penalty can be imposed – Decided partly in favour of Assessee.
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