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2017 (6) TMI 202 - AT - Central ExciseLiability of interest - credit in respect of input used in the manufacture of non dutiable goods which was subsequently reversed - whether in terms of Rule 14 interest is chargeable from date of taking credit or from utilization of the credit? - Held that: - the issue has been considered in case of Ind-Swift Laboratories Ltd [2011 (2) TMI 6 - Supreme Court], wherein Hon'ble Supreme Court interpreting Rule 14 held that as per term 'taking credit or utilization' in both cases interest is chargeable therefore as per the Hon'ble Supreme Court ruling interest is chargeable from the date of taking credit - As regard the penalty of ₹ 50,000/-, it is observed that against huge amount of Cenvat credit of ₹ 1,92,86,034/- adjudicating authority by giving substantial relief penalty imposed is only of ₹ 50,000/- which in my view is very reasonable and does not require any interference - appeal dismissed - decided against appellant.
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