2009 (4) TMI 905

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..... ER A CNC lathe machine was found removed during the course of preventive checks on 30th January, 1999 from the factory premises of the appellants herein, who had not reversed MODVAT credit thereof. It was pointed out by the departmental officers that the assessee was required to reverse MODVAT credit of ₹ 2,45,100/- availed on the said machine. This was done by the appellants. However, d .....

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..... ide its order dated 11-4-2007, remitted the case to the Tribunal for consideration of interest only for the delayed period of payment of duty. This is how the appeal comes up bssefore us for hearing once again. 2. We have heard both sides. We find that under Rule 57U credit is not admissible on capital goods removed as such and an assessee is required to reverse the credit in such a situation. .....

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..... taka High Court vide Final Order No. 1193/2009, dated 14-10-2008 [2009 (239) E.L.T. 460 (Tri.-Bang.)]. The Tribunal held that interest is payable for delayed payment of duty. 3. In the light of the discussion, we hold that the appellants are liable to pay interest as demanded by the authorities below, uphold the impugned order and dismiss the appeal. (Dictated and pronounced in open Court) .....

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