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TMI Blog2014 (8) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent. ORDER Shri Bipin Garg, learned Counsel submits that there is already reversal of Cenvat credit of Rs. 7,37,624/- which is apparent from page 11 of adjudication order. Considering such aspect stay application is disposed waiving requirement of pre-deposit of balance amount. 2. Learned Counsel prays for disposal of appeal itself. There is no objection from Revenue for such disposal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orts the order of the authorities below. 5. Heard both sides. 6. The appellant intends to end the litigation with the department. It has already reversed the Cenvat credit to the extent indicated in adjudication order with deposit of interest of Rs. 49,401/- as is apparent from the said order. The crucial issue is only penalty that has been imposed under Rule 15(2) of Cenvat Credit Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 78 of the Finance Act, 1994 for no mechanism provided in sub-rule (3) to invoke Section 11AC of Central Excise Act, 1944, nor Section 78 of the Finance Act, 1994, levy of penalty of Rs. 10,000/- shall be justified in the fitness and circumstances of the case.
7. The appellant gets partial relief confirming duty and interest demand but reducing the penalty to Rs. 10,000/- only. X X X X Extracts X X X X X X X X Extracts X X X X
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