TaxTMI 
TaxTMI 
2008 (5) TMI 88
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....pondent. [Order] - M/s. Omkar Fine Organics Private Limited has filed this appeal. In the impugned order, Commissioner (Appeals) sustained the demand of interest for belated reversal of irregularly availed credit but vacated the penalty of Rs. 10,682/- imposed in the order of the original authority. The appellant seeks to vacate the interest demanded. 2. The facts of the case are that during the....
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....erefore he vacated the penalty. 3. The appellants reiterate the grounds taken before the Commissioner (Appeals) and submit that demand of interest in terms of Section 11AB had to be necessarily preceded by a Show Cause Notice and order determining the duty due. In the instant case, no notice was issued. Immediately on the irregularity being brought to their notice, the excess availed credit was r....
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....he short payment of duty with delay. Therefore, in the instant case, interest was demanded in accordance with law. Interest was liable to be paid also in cases where the short payment was made good by the assessee on its own ascertainment. Therefore interest was payable by the assessee as ordered. 5. I have considered the rival submissions made by both sides. I find that owing to inadvertence the....