9911796707
TMI Blog2012 (10) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is filed for waiver of pre-deposit of amount of penalty imposed by the adjudicating authority under the provisions of Rule 15 of CENVAT Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944. 2. After hearing both sides for some time on the Stay Petition, I find that the appeal itself could be disposed of as the issue lies in narrow compass. Accordingly, after allowing the Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid the interest also. It is fairly admitted by him that the interest was not paid immediately on being pointed out by Audit party, but was paid after issuance of Order-in-Original. He submits that there was no intention to avail in-eligible CENVAT Credit and produces records to show that the appellant had substantial credit in excess of Rs.2 crores in the statutory books, during the relevant per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... more than Rs.Two Crores from the time the audit party pointed out the in-eligible CENVAT Credit of Rs.4,49,426/-. If that be so, visiting the appellant with the penalty under the provisions of Rule 15(2) of CENVAT Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944, seems to be unwarranted as the appellant would not have any reason to utilize the amount as he has enough balance i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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