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2014 (10) TMI 303 - CESTAT BANGALORECENVAT Credit - Appellant has utilized Cenvat credit which should have been paid in cash - Held that:- Appellant could not deposit the amount in cash. According to learned counsel, this happened because the customers did not pay the dues for goods received by them. I find that this Tribunal in the case of Meenakshi Associates v. Commissioner of C.E., Noida [2012 (6) TMI 275 - CESTAT, NEW DELHI], has taken a view that instead of depositing entire amount of Cenvat credit utilized in cash, if the assessee deposited the interest, that can be taken as compliance of requirement of Rule 8(3A) of Central Excise Rules and it can be accepted since the amount is paid in cash and immediately the same can be taken as Cenvat credit and therefore, the exercise is revenue neutral. In this case, since the interest has been deposited, the obligation as decided by this Tribunal in the case of Meenakshi Associates (supra) has been fulfilled and therefore, question to be decided is only relating to penalty. As far as the penalty is concerned, the appellant has already deposited an amount of ₹ 1,00,000/-. In my opinion, having regard to the quantum of default and assessee’s conduct, the penalty already paid is sufficient to meet ends of justice - Decided partly in favour of assessee.
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