9911796707
TMI Blog2005 (7) TMI 549X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order]. All the stay petitions are being disposed of together as they arise out of the same impugned order passed by the authorities below, one which they have confirmed demand of duty of Rs. 9,07,747/- against the first applicant M/s. Suryanarayan Silk Mills Pvt Ltd., along with imposition of personal penalty of identical amount and penalty of Rs. 3.00 lakhs on Shri R.I. Gandhi, who is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-6-2003 and filed a declaration for availing Cenvat credit on the grey fabrics lying in stock as on 1-4-2003. The credit availed by them was to the tune of 8.636%, whereas the revenue s contention is that in terms of the Notification No. 35/2003-C.E. (NT) dated 10-4-2003, they are entitled to credit @ 6% of the declared value. The appellant s contention is that they took the higher credit under a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35/2003(NT), dated 10-4-2003 as amended by Notification No. 47/2003(NT). In terms of this notification, Cenvat credit admissible declared value *60% of rate of duty (for grey fabrics other than cotton). Since rate of duty was 10% credit admissible was 6% of the declared value. The appellants have taken the credit @ 8.636% which is clearly in excess. The excess credit taken has been admitted by Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, from the last date for filing the return. Being registered dealers, the appellants were required to file quarterly returns. For the month of June, 2004, the return is required to be filed by 20-7-2004. Since the SCN has been issued well before this date, it is very much within the time limit and the appellant s plea of time bar cannot be accepted. The demand is, therefore, upheld. The appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vation, I direct all the three dealers to deposit the entire amount of credit within a period of ten weeks from today. Subject to deposit of the credit penalties imposed upon the dealer and upon the Director are dispensed with and then recoveries stayed during the pendency of the appeal. Matter to come up for ascertaining compliance on 12-9-2005, when their appeals itself would be taken up for fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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