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2014 (2) TMI 583 - CESTAT MUMBAIExemption under Notification No. 56/2002-CE dated 14/11/2002 - Reversal of CENVAT Credit - Held that:- We have perused the Notification 56/2002-CE and the conditions prescribed therein for availing of exemption by way of refund, reversal of refund wrongly availed, submission of statement, determination by the jurisdictional Assistant Commissioner of the refund due to the appellant and so on. As per these conditions, the appellant is required to reverse the credit of the excess amount taken within 5 days from the date of date of determination by the Assistant Commissioner. In the instant case, the determination by the Assistant Commissioner was vide order dated 02/04/2012 whereas the appellant had reversed the excess credit taken in July, 2011 itself. Therefore, in terms of the conditions of sub-para 2C, the appellant is not prima facie liable to pay any interest nor the appellant liable to any penalty. Therefore, the appellant has made out a strong case in their favour for grant of stay - Stay granted.
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