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2005 (3) TMI 113 - SC - Central ExcisePenalty - Limitation - whether the Respondent was entitled to Modvat credit of duty paid on HSD oil used as fuel for generation of electricity in the Respondent's factory - Held that:- by provision Section 112 no credit is admissible on any duty paid on high speed diesel oil for the period commencing from 16th March, 1995 and ending with the day the Finance Act, 2000 received the assent of the President. We are told that the President gave his assent on 1st April, 2000. In view of validation Act, the Judgment of the Tribunal to this extent cannot be sustained and is accordingly set aside - The Respondent is absent. He will have to be given time to make payment. We, therefore, direct that the time to make payment, as provided in sub-clause 2(b) of Section 112, will only commence from the date intimation of this order is given to the Respondent by the Appellant. We are also of the view that on these facts penalty cannot be imposed. Thus the imposition of penalty is set aside - Decided partly in favour of Revenue.
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