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2017 (6) TMI 1137 - AT - Central ExciseWaiver of penalty and interest - suo moto credit taken by appellant, which was reversed on being pointed out - Rule 6 of the CCR, 2004 - Held that: - Rule 14 states that the interest is chargeable on the amount either wrongly taken or utilized - Therefore even if the credit was not utilized, the interest is chargeable even on taking credit also therefore the interest is correctly chargeable as held by Hon'ble Supreme Court decision in the case of Union of India Vs. Ind-Swift Laboratories Ltd. [2011 (2) TMI 6 - Supreme Court] - interest waived. Penalty - Held that: - the issue whether 8% 10% the reversal is required in case of exempted goods supplied under N/N. 10/97 -CE was contentious. Initially the issue was decided in favor of the assessee in the case of Andhra Pradesh Paper Mills Ltd. [2004 (11) TMI 229 - CESTAT, BANGALORE] and subsequently the same was reversed by the Hon'ble Supreme Court in the case of Amrit Paper [2006 (7) TMI 7 - SUPREME COURT OF INDIA]. In this fact of the case, the penalty is not imposable - penalty waived. Appeal allowed - decided partly in favor of appellant.
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