9911796707
TMI Blog2013 (12) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... utilization of credit – thus, the appellant shall be liable to pay only interest on the credit utilized the credit earned on 16 th & 17 August, 2000 for payment of duty w.e.f. from 1.9.2000 onwards. The appellant has utilized the credit on 19.8.2000, the appellant is liable to pay interest on the wrong utilization for the period from 19.8.2000 to 31.8.2000 - the rule provides for payment of interest @ 24% - the confirmation of interest for the period 19.8.2000 to 31.8.2000 is sustainable in law – it is related to interpretation of law, no penalty can be imposed – Decided partly in favour of Assessee. - E/3911/05 - Final Order No. A/821/2013-WZB/C-IV(SMB) - Dated:- 1-10-2013 - P R Chandrasekharan, J. For the Appellant : Shri V.S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n based on value of clearances in a financial year, for payment of duty relating to the entire month." Thus, w.e.f. 18.8.2000, the assessee could utilize CENVAT Credit accrued upto 15 th of a month in respect of payment of duty for the first fortnight of the month and in the present case, the appellant had a balance of Rs.55,55,632/- on 5.8.2000. However, they utilized CENVAT Credit amounting to Rs.83,18,044/- for payment of duty for the first fortnight of August,2000. Thus, there was an excess utilisationto the extent of Rs.27,65,412/-. The adjudicating authority vide the impugned order held that the appellant is not eligible to utilize this excess credit for payment of duty for the first fortnight of the August, 2000 and appropriated th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the wrong utilization of credit. Inasmuch as the provisions of Central Excise Rules, 1944 are violated, the appellant is liable to penalty. Accordingly, he pleads for upholding the impugned order. 5. I have carefully considered the submissions made by both the sides. 5.1 In the present case, clause (b) of sub-rule (1) of Rule 57AB was amended by Notification No.48/2000-CE (NT) dated 18.8.2000 and as per the said amendment, the appellant can utilize CENVAT Credit earned upto 15 th of a month for payment of duty for the first fortnight of the month. Similarly, for the second fortnight of the month, the appellant can utilize the credit earned upto the last date of the month. In the present case, the appellant discharged the excise duty li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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