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TMI Blog2016 (2) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... Credit can be used only for the purpose specified in the Cenvat Credit Rules. Interest payment cannot be made from Cenvat credit account. As far as the penalty on the Director is concerned, we find from the records that he was also concerned with the Central Excise as also other financial matters. The fact that they had collected duty but not deposited the duty is not disproved. He cannot absolve himself from the penalty. However, keeping in view the overall facts and circumstances of the case, we reduce the penalty on the Director Shri Atul Ashok Purandare from ₹ 10 lakhs to ₹ 2 lakhs, except the above modification, both the appeals are dismissed. - E/1547 and 1549/2011 - Final Order Nos. A/1817-1818/2015-WZB/EB - Dated:- 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat even the pre-deposit ordered by this Tribunal was arranged by them after a lot of difficulties. He further submitted that the interest amount may be allowed to be paid from the accumulated credit of duty. The learned Counsel also submitted that the Hon ble Gujarat High Court judgement in the case of Indsur Global Ltd., v. UOI reported in 2014 (310) E.L.T. 833 (Guj.) wherein the Hon ble Gujarat High Court has held the provisions of Rule 8(3A) as ultra vires. The learned Counsel also submitted that the Director did not know much about the excise rules and regulations hence no penalty is imposable on him. 4. The learned AR opposed the contention and submitted that it is not a case of default but continuous clearance of goods for a perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r penalty. Cenvat Credit can be used only for the purpose specified in the Cenvat Credit Rules. Interest payment cannot be made from Cenvat credit account. As far as the penalty on the Director is concerned, we find from the records that he was also concerned with the Central Excise as also other financial matters. The fact that they had collected duty but not deposited the duty is not disproved. He cannot absolve himself from the penalty. However, keeping in view the overall facts and circumstances of the case, we reduce the penalty on the Director Shri Atul Ashok Purandare from ₹ 10 lakhs to ₹ 2 lakhs, except the above modification, both the appeals are dismissed. (Pronounced in Court on 24-6-2015) - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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