2007 (1) TMI 63 - AT - Central Excise

Penalty - Revenue contended that appellant is liable to pay interest and penalty on the ground that delayed payment of duty - Held that assessee is not liable for penalty and interest on the ground that the assessee had paid duty prior to the issue of SCN

Summary

The Appellate Tribunal CESTAT, Mumbai ruled that Modvat credit of Rs. 52,000 on capital goods was reversed before a show cause notice was issued, waiving liability to interest and penalty. The appeal was allowed, stating no liability for interest or penalty. The impugned order was set aside and the appeal was allowed.