TMI Blog2016 (8) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... that they have availed credit inadvertently and reversed the same only on pointing out by the Audit. If audit could not take place then this inadmissible credit availed by the appellant could not be detected. Therefore, the extended period of limitation is rightly invoked and the amount of AED reversed by the appellant is confirmed and appropriated. Whether the interest is payable by the appellant for intervening period or not - Held that:- as already observed that the appellant has not utilized the credit pertaining to AED during the intervening period, therefore, the appellant is not required to pay interest for the intervening period in view of the decision of Hon'ble Karnataka High Court in the case of Bill Forge Pvt.Ltd. [2011 (4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount already reversed and to demand of interest for the intervening period and to impose penalty on the appellant. Both lower authorities appropriated the amount aIready reversed and confirmed the demand of interest, penalty equal to already reversed credit is also imposed. Aggrieved with the said order, the appellant is before me. 3. Learned Counsel for the appellant submits that the appellant could not reverse the credit of AED inadvertently as the regular accountant was on leave and part time accountant was maintaining the records. Due to their inadvertent mistake, the credit of AED was not reversed, therefore, the penalty is not imposable on the appellant. He further submits that as the credit availed of AED was not utilized during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se the credit of AED. I find in this case the appellant has taken the credit of CVD and AED at the time of procurement of inputs. The appellant is required to reverse the credit of CVD as well as AED at the time of clearance of inputs as such but the appellant has not reversed the credit of AED. No satisfactory explanation has been given by the appellant. Moreover, the appellant admitted their liability that they have availed credit inadvertently and reversed the same only on pointing out by the Audit. If audit could not take place then this inadmissible credit availed by the appellant could not be detected. In that circumstance, I hold that the extended period of limitation is rightly invoked. Therefore, the amount of AED reversed by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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