9911796707
TMI Blog2007 (8) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... ter sub-heading 62.01 of the Central Excise Tariff Act, 1985. In the wake of Notification No. 2512003 C.E. (N.T:), dated 25-3-2003 withdrawing deemed credit facilities extended to manufacturers of textiles and textile articles etc. and grant of credit to assessees during transition considering the stock of raw materials, work-in-progress and finished goods the appellants had furnished a working of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment, the Commissioner of Central Excise (Appeals) confirmed the' demand of interest of Rs. 1,24,150/- and imposed penalty of Rs. l,50,000/- in the impugned order. 2. Ld. Counsel for the appellants submits that the appellants had intimated the credit they would be taking vide their letter dated 7-6-03 and that they received clarification about the exact entitlement only vide the letter of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order. 4. After carefully considering the case records and the submissions made by both sides, I find that, in the instant case, the appellants had taken the I excess credit to the tune of Rs 15,07,474/- in April 2003 as they had not received timely clarification in April 21)03 from the Revenue Despite the appellants seeking clarification as to whether the an of credit they had propo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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