TMI Blog2015 (3) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... am Fasteners Ltd. (2014 (2) TMI 551 - MADRAS HIGH COURT), the appellants are prima facie has not made out a case for full waiver of interest. Regarding the contention of the learned counsel for the appellants on the issue of time-bar, the same will be examined at the time of final hearing. It is also seen from the impugned order, the appellant has admitted that if at all any interest liability ari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld by the Commissioner (Appeals). Hence the present appeal. 3. The learned counsel submits that the appellant on their own noticed the wrong availment of CENVAT credit during the period from October 2006 to November 2007 and immediately reversed the same on their own. He also submits that they have utilized the credit from July 2007 to November 2007 and they have reversed the entire credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of credit whether reversed or not, they should have paid the interest from the date of availment of credit. Once the credit becomes ineligible and the same is reversed by them the payment of interest is automatic and no separate notice is required. He relied on the following decisions:- (a) Union of India Vs. Ind-Swift Laboratories Ltd. - 2011 (251) ELT 3 (SC) (b) Pratibha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order, the appellant has admitted that if at all any interest liability arises, it should be for the period from July 2007 to November 2007 and the amount of interest is approximately ₹ 1.20 lakhs. 6. Considering the above facts, I direct the appellant to predeposit ₹ 1,20,000/- (Rupees one lakh twenty thousand only) towards the interest amount of ₹ 6,27,921/ within a perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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