2007 (4) TMI 58 - AT - Central Excise

Stay/Dispensation of pre-deposit Revenue contended that appellant once availed the credit they not entitle for benefit of Notification No. 30/2004 and accordingly demand were made alongwith penalty Held that appellant reversing the credit utilised and pre-deposit and penalty waived

Summary

The Appellate Tribunal CESTAT, New Delhi heard an application for waiver of duty and penalty regarding Nylon Filament Yam. The demand was confirmed due to denial of Notification No. 30/2004-CE. The applicant reversed credits for inputs used in manufacturing exempted goods. The tribunal ruled in favor of the applicant, waiving the pre-deposit of duty and penalty.