2005 (4) TMI 453

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..... r]. Heard both sides. A duty demand of Rs. 3,42,932/- has been confirmed against the appellants and a penalty of Rs. 50,000/- has also been imposed on the ground that the appellants have availed deemed credit earned under Notification 17/2000-C.E. (N.T.) dated 1-3-2000, under the subsequent Notification 7/2001-C.E. (N.T.) dated 1-3-2001. The lower appellate authority has rejected the appeal .....

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..... stronger footing than the cases dealt under the cited case law inasmuch as the deemed credit under the new Notification was continued in respect of the impugned commodity. Moreover, the new Notification did not make a specific provision that the deemed credit lying unutilised in balance will lapse. In the absence of such a provision, the action of the lower authorities in confirming the demand and .....

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