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TMI Blog2011 (5) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the case of CCE Pondicherry Vs Superfil Products that interest liability arises only on utilization of irregular credit and the Supreme Court s decision cited (2011 -TMI - 202107 - Supreme Court) holding that the interest liability arises right from the date of availment of irregular credit - Held that: the issue of payment of interest was debatable and became finally settled only with the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amounts were confirmed and penalties of Rs.3000/- each were imposed. The orders were upheld by the Commissioner (Appeals) ; hence these appeals before the Tribunal. 2. Heard both sides. The assessees have paid interest amounts consequent to the judgement of the Hon ble Supreme Court in Union of India Vs Ind-Swift Laboratories Ltd. [2011 (265) ELT 3 (SC)] holding that interest on irregular cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est was debatable and became finally settled only with the apex court s decision cited supra and, therefore, they cannot be held liable to penalty as the circumstances do not warrant imposition of penalty. I, therefore, set aside the penalties imposed on the assessees and allow the appeals partly, by upholding liability to interest (which has been paid by the assessees) but setting aside penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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