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TMI Blog2011 (1) TMI 837X X X X Extracts X X X X X X X X Extracts X X X X ..... indran This stay petition is filed for waiver of pre-deposit of the following amounts:- a. Interest Rs.2,50,177/- b. Penalty Rs.27,33,155/- 2.Heard both sides and perused the records. 3.After hearing both sides on merits of the case and on the stay petition, we find that the appeal itself could be disposed off at this juncture since the issue involved is in narrow compass. After allowi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble High Court of Ind-Swift Laboratories Ltd. Vs. UOI [2009(240) ELT 328 (P&H)]. 5. Ld. DR on the other hand would submit that the liability to interest would arise where the Cenvat Credit has been taken wrongly but reversed by the assessee before utilization of the credit. He would submit that the Cenvat Credit has been wrongly taken and Board's circular 3/9/2009 will be applicable in full ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eate any liability of payment of excise duty. On a cojoint reading of Section 11AB of the Act and that of Rules 3 and 4 of the Credit Rules, we hold that interest cannot be claimed from the date of wrong availment of CENVAT credit. The interest shall be payable from the date CENVAT credit is wrongly utilized." 7. Since the law is now settled by the Hon'ble High Court of P&H in the assessee's favo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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