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TMI Blog2013 (10) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... of taking of the credit till the end of the financial year - the interest liability would be approximately Rs.3.25 lakhs - on the wrongly availed credit of Rs.14.42 lakhs, the interest liability would be approximately Rs. 3 lakhs - the appellant was liable to make pre-deposit of Rs.6.25 lakhs – upon such submission pre-deposit of balance of dues against the appellant shall stand waived till the di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l year subject to the condition that the goods are available and in use with the manufacturer. The appellant also took CENVAT credit amounting to Rs.14,42,690/- on various items which they reversed subsequently and they are not disputing the inadmissibility of the credit. Show Cause Notice was issued invoking extended period of time and demands were confirmed by denying 50% of the credit and also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red since being a PSU, suppression cannot be alleged. 4. The learned Additional Commissioner (AR) appearing for the Revenue fairly submits that what can be recovered from the appellant is only interest on 50% of the capital goods credit taken in the first year. As regards Rs.14.42 lakhs, which the appellant claims they have reversed, the appellant is liable to pay interest. Therefore, he submits ..... X X X X Extracts X X X X X X X X Extracts X X X X
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