9911796707
TMI Blog2012 (12) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the appellant seeks waiver of pre-deposit and stay of recovery in respect of an amount of Rs.5,12,877/- demanded as interest for the period from January 2008 to August 2009 and Rs.5000/- imposed as penalty. On a perusal of records and hearing both sides, I note that the appellant had transferred an amount of Rs.25/- lakhs initially taken as CENVAT credit of education cess to the credit co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the appellant submits that they are not liable to pay interest as the taking of credit of education cess was admittedly in order. Though the credit was irregularly transferred, this transfer was undone in August 2009. On these facts, it is claimed that interest on the amount of credit cannot be demanded. Referring to the Hon'ble Supreme Court's decision in the case of M/s. Ind-Sw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... giving careful consideration to the submissions, I have not found prima facie case for the appellant. The interest liability in this case is relatable to the transfer of credit of education cess effected by the appellant to make it a credit of basic excise duty. True, the taking of credit of education cess in the past was not irregular. But, when it was transferred to the credit column relating t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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